Upstart's (UPST) Overweight Rating Reaffirmed at Piper Sandler

Key Points

• Piper Sandler raised Upstart’s price target from $75.00 to $90.00, indicating a potential upside of 30.96% from the previous close.
• Several other analysts have also adjusted their price targets for Upstart, with Needham increasing theirs to $82.00 while Bank of America lowered their target to $87.00.
• Upstart's recent quarterly earnings showed a profit of $0.30 EPS, surpassing expectations, with a significant 67.0% increase in revenue year-over-year.

Upstart (NASDAQ:UPST - Get Free Report)'s stock had its "overweight" rating restated by analysts at Piper Sandler in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. They currently have a $90.00 price objective on the stock, up from their prior price objective of $75.00. Piper Sandler's target price indicates a potential upside of 30.89% from the company's previous close.

A number of other equities analysts have also recently commented on the company. Stephens started coverage on Upstart in a report on Thursday, June 12th. They issued an "equal weight" rating and a $55.00 target price on the stock. Bank of America decreased their target price on Upstart from $88.00 to $87.00 and set a "neutral" rating on the stock in a report on Wednesday. Barclays raised their target price on Upstart from $42.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Morgan Stanley upped their target price on shares of Upstart from $50.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Needham & Company LLC upped their target price on shares of Upstart from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Upstart has a consensus rating of "Hold" and a consensus price target of $77.85.

Upstart Price Performance

Shares of UPST opened at $68.76 on Wednesday. Upstart has a one year low of $31.40 and a one year high of $96.43. The firm has a market capitalization of $6.62 billion, a P/E ratio of -859.50 and a beta of 2.39. The business has a fifty day moving average of $68.78 and a 200 day moving average of $59.20.

Upstart (NASDAQ:UPST - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.27 by $0.09. Upstart had a negative return on equity of 5.95% and a negative net margin of 0.75%. The company had revenue of $257.29 million during the quarter, compared to analyst estimates of $225.35 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Upstart's revenue was up 101.6% compared to the same quarter last year. Analysts expect that Upstart will post -0.03 EPS for the current fiscal year.

Insider Transactions at Upstart

In other news, CEO Dave Girouard sold 41,667 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $75.07, for a total value of $3,127,941.69. Following the sale, the chief executive officer directly owned 52,614 shares in the company, valued at $3,949,732.98. The trade was a 44.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sanjay Datta sold 13,512 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $46.97, for a total transaction of $634,658.64. Following the transaction, the chief financial officer owned 311,356 shares in the company, valued at $14,624,391.32. This trade represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 151,650 shares of company stock worth $9,665,841 in the last three months. Insiders own 16.67% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Virtus Fund Advisers LLC bought a new stake in shares of Upstart during the fourth quarter worth $32,000. Ameritas Advisory Services LLC bought a new stake in shares of Upstart during the second quarter worth $34,000. Mackenzie Financial Corp bought a new stake in shares of Upstart during the fourth quarter worth $62,000. Bogart Wealth LLC lifted its position in shares of Upstart by 140.0% during the second quarter. Bogart Wealth LLC now owns 1,200 shares of the company's stock worth $78,000 after purchasing an additional 700 shares during the last quarter. Finally, Ancora Advisors LLC lifted its position in shares of Upstart by 31.3% during the fourth quarter. Ancora Advisors LLC now owns 1,575 shares of the company's stock worth $97,000 after purchasing an additional 375 shares during the last quarter. Institutional investors own 63.01% 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.