In a recent note to investors, equities researchers at Wedbush upgraded Upstart (NASDAQ:UPST) from an “underperform” rating to a “neutral” rating. The firm also raised its price target on the stock from $10.00 to $45.00. However, Wedbush’s target price suggests a potential downside of 14.95% from the company’s current price.
Several other research analysts have also shared their opinions on Upstart. Needham & Company LLC reiterated a “hold” rating on the stock, while Citigroup upgraded it from a “sell” rating to a “neutral” rating and increased the target price from $15.00 to $33.00. JPMorgan Chase & Co. lowered their price target to $30.00 and gave the stock an “underweight” rating. Barclays raised its price target to $35.00 and assigned an “equal weight” rating, while Piper Sandler increased its price target to $31.00 and maintained a “neutral” rating.
According to MarketBeat, Upstart currently has an average rating of “Hold” and a consensus price target of $31.50.
In terms of financial performance, Upstart reported earnings per share (EPS) of ($0.17) for the quarter, surpassing analysts’ consensus estimates of ($0.39) by $0.22. The company generated revenue of $127.63 million, slightly higher than the estimated $124.55 million. However, Upstart’s net margin remained negative at 38.05%, and the return on equity was also negative at 32.01%. The firm experienced a 6.0% decline in quarterly revenue compared to the previous year.
Insider activity at Upstart includes the sale of 20,000 shares by CTO Paul Gu, resulting in a 0.00% decrease in their ownership of the stock. Additionally, insider Scott Darling sold 84,000 shares, representing a 0.00% decrease in their position. Insiders have collectively sold 312,959 shares valued at $13,641,350 in the last ninety days. Insiders currently own 18.06% of the company’s stock.
Institutional investors have shown interest in Upstart, with Millennium Management LLC increasing its stake by 1,792.9% during the second quarter. Vanguard Group Inc. also grew its position by 2.3% in the fourth quarter. Hedge funds and other institutional investors now own 63.01% of the company’s stock.
Upstart Holdings, Inc. operates a cloud-based AI lending platform in the United States, connecting consumer loan demand to banks and credit unions. The platform offers personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar loans.