Summit Financial Strategies Inc. Trims Position in Upstart Holdings, Inc. (NASDAQ:UPST)

Summit Financial Strategies Inc. cut its stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 56.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,561 shares of the company's stock after selling 5,838 shares during the quarter. Summit Financial Strategies Inc.'s holdings in Upstart were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. KBC Group NV increased its stake in shares of Upstart by 17.8% in the fourth quarter. KBC Group NV now owns 3,088 shares of the company's stock valued at $190,000 after buying an additional 467 shares during the period. Union Bancaire Privee UBP SA acquired a new position in Upstart in the 4th quarter valued at approximately $2,057,000. Blue Trust Inc. raised its stake in shares of Upstart by 49.1% during the fourth quarter. Blue Trust Inc. now owns 1,475 shares of the company's stock valued at $91,000 after acquiring an additional 486 shares during the last quarter. Mandatum Life Insurance Co Ltd acquired a new position in shares of Upstart during the fourth quarter worth $372,000. Finally, Merit Financial Group LLC bought a new stake in shares of Upstart in the fourth quarter worth $271,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Upstart Stock Down 3.6 %

NASDAQ:UPST traded down $2.43 on Monday, hitting $65.01. The stock had a trading volume of 3,575,742 shares, compared to its average volume of 4,322,267. Upstart Holdings, Inc. has a 52 week low of $20.60 and a 52 week high of $88.95. The business's fifty day moving average is $69.41 and its 200 day moving average is $51.15. The company has a market cap of $5.93 billion, a PE ratio of -33.68 and a beta of 2.26.

Upstart (NASDAQ:UPST - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.31). Upstart had a negative net margin of 30.15% and a negative return on equity of 32.57%. The business had revenue of $162.14 million during the quarter, compared to analyst estimates of $149.94 million. During the same period in the previous year, the business posted ($0.48) EPS. Equities analysts predict that Upstart Holdings, Inc. will post -2.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on UPST. Needham & Company LLC raised Upstart from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday, December 13th. Redburn Atlantic upgraded Upstart from a "neutral" rating to a "buy" rating and upped their target price for the company from $37.00 to $95.00 in a report on Tuesday, December 3rd. JPMorgan Chase & Co. lowered shares of Upstart from a "neutral" rating to an "underweight" rating and raised their price target for the stock from $45.00 to $57.00 in a report on Monday, December 2nd. Wedbush upped their price objective on shares of Upstart from $60.00 to $75.00 and gave the company a "neutral" rating in a research note on Monday, December 2nd. Finally, Citigroup raised shares of Upstart from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $56.00 to $87.00 in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $61.80.

Insider Buying and Selling

In related news, CEO Dave Girouard sold 41,667 shares of the business's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.60, for a total transaction of $2,608,354.20. Following the transaction, the chief executive officer now directly owns 57,138 shares in the company, valued at approximately $3,576,838.80. The trade was a 42.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Paul Gu sold 87,600 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $69.39, for a total transaction of $6,078,564.00. Following the completion of the sale, the chief technology officer now owns 863,065 shares of the company's stock, valued at approximately $59,888,080.35. This trade represents a 9.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 391,035 shares of company stock worth $26,890,777 in the last quarter. Insiders own 18.06% of the company's stock.

Upstart Company Profile

Upstart Holdings, Inc, together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar loans that connects consumer demand for loans to its to bank and credit unions.