Upstart (NASDAQ:UPST) Shares Gap Up - Time to Buy?

Upstart Holdings, Inc. (NASDAQ:UPST - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $59.07, but opened at $62.51. Upstart shares last traded at $63.40, with a volume of 3,212,256 shares.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on UPST shares. Morgan Stanley reduced their target price on shares of Upstart from $70.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Barclays raised their target price on shares of Upstart from $42.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Piper Sandler raised Upstart to an "overweight" rating and set a $75.00 price target for the company in a report on Tuesday. The Goldman Sachs Group lifted their price objective on Upstart from $15.00 to $16.50 and gave the stock a "sell" rating in a research report on Thursday, May 8th. Finally, Stephens assumed coverage on Upstart in a report on Thursday, June 12th. They issued an "equal weight" rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $67.42.

Upstart Stock Performance

The business has a 50 day simple moving average of $49.78 and a 200 day simple moving average of $57.24.

Upstart (NASDAQ:UPST - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.11. Upstart had a negative net margin of 9.20% and a negative return on equity of 15.27%. The business had revenue of $213.37 million for the quarter, compared to analysts' expectations of $201.08 million. During the same quarter in the prior year, the company earned ($0.31) earnings per share. The business's quarterly revenue was up 67.0% on a year-over-year basis. Sell-side analysts predict that Upstart Holdings, Inc. will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Sanjay Datta sold 13,512 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was 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 now directly owns 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Dave Girouard sold 41,667 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $60.05, for a total value of $2,502,103.35. Following the completion of the sale, the chief executive officer now directly owns 52,614 shares of the company's stock, valued at approximately $3,159,470.70. This trade represents a 44.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 99,450 shares of company stock worth $5,759,917. Company insiders own 16.67% of the company's stock.

Hedge Funds Weigh In On Upstart

Institutional investors have recently modified their holdings of the business. Rhumbline Advisers lifted its position in shares of Upstart by 4.6% during the 1st quarter. Rhumbline Advisers now owns 117,307 shares of the company's stock valued at $5,400,000 after acquiring an additional 5,160 shares during the period. Strs Ohio acquired a new position in Upstart during the first quarter worth $239,000. Acadian Asset Management LLC purchased a new stake in Upstart during the first quarter worth $208,000. Intech Investment Management LLC grew its holdings in Upstart by 70.8% in the first quarter. Intech Investment Management LLC now owns 74,134 shares of the company's stock valued at $3,412,000 after purchasing an additional 30,739 shares during the last quarter. Finally, Bayforest Capital Ltd grew its holdings in Upstart by 52.3% in the first quarter. Bayforest Capital Ltd now owns 9,081 shares of the company's stock valued at $418,000 after purchasing an additional 3,118 shares during the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

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.