Upstart (NASDAQ:UPST) Shares Gap Down - Time to Sell?

Upstart Holdings, Inc. (NASDAQ:UPST - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $75.62, but opened at $71.35. Upstart shares last traded at $72.24, with a volume of 3,354,136 shares trading hands.

Wall Street Analysts Forecast Growth

UPST has been the topic of a number of recent analyst reports. Morgan Stanley reduced their target price on Upstart from $70.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Needham & Company LLC restated a "buy" rating and set a $70.00 price objective on shares of Upstart in a research report on Monday, May 19th. Stephens assumed coverage on shares of Upstart in a report on Thursday, June 12th. They set an "equal weight" rating and a $55.00 target price for the company. Barclays boosted their target price on shares of Upstart from $42.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Finally, Bank of America raised shares of Upstart from an "underperform" rating to a "neutral" rating and set a $53.00 price objective for the company in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Upstart presently has a consensus rating of "Hold" and an average target price of $71.62.

Upstart Stock Down 1.4%

The company has a market cap of $7.03 billion, a P/E ratio of -98.58 and a beta of 2.37. The company has a 50 day moving average price of $57.10 and a 200-day moving average price of $56.88.

Upstart (NASDAQ:UPST - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.11. Upstart had a negative return on equity of 15.27% and a negative net margin of 9.20%. The firm had revenue of $213.37 million during the quarter, compared to the consensus estimate of $201.08 million. During the same quarter in the previous year, the company posted ($0.31) EPS. The business's revenue for the quarter was up 67.0% compared to the same quarter last year. On average, research analysts expect that Upstart Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Upstart news, CFO Sanjay Datta sold 13,512 shares of Upstart stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $46.97, for a total value of $634,658.64. Following the completion of the sale, the chief financial officer owned 311,356 shares of the company's stock, valued at approximately $14,624,391.32. The trade was a 4.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Natalia Mirgorodskaya sold 4,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the transaction, the insider owned 24,623 shares in the company, valued at $1,971,563.61. The trade was a 13.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 109,983 shares of company stock valued at $6,537,899. 16.67% of the stock is owned by insiders.

Institutional Trading of Upstart

A number of large investors have recently bought and sold shares of UPST. Virtus Fund Advisers LLC purchased a new stake in shares of Upstart in the 4th quarter valued at approximately $32,000. Farther Finance Advisors LLC raised its holdings in shares of Upstart by 24.2% during the 4th quarter. Farther Finance Advisors LLC now owns 882 shares of the company's stock valued at $54,000 after purchasing an additional 172 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Upstart during the 4th quarter valued at $62,000. GAMMA Investing LLC grew its stake in Upstart by 23.3% in the 1st quarter. GAMMA Investing LLC now owns 1,662 shares of the company's stock valued at $77,000 after buying an additional 314 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Upstart by 385.1% during the first quarter. PNC Financial Services Group Inc. now owns 1,950 shares of the company's stock worth $90,000 after buying an additional 1,548 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

About Upstart

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.