The Manufacturers Life Insurance Company Has $1.05 Million Position in Upstart Holdings, Inc. (NASDAQ:UPST)

The Manufacturers Life Insurance Company boosted its holdings in Upstart Holdings, Inc. (NASDAQ:UPST) by 7.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,301 shares of the company’s stock after buying an additional 2,976 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Upstart worth $1,045,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Upstart by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,128,975 shares of the company’s stock valued at $191,698,000 after purchasing an additional 115,057 shares in the last quarter. Liontrust Investment Partners LLP increased its stake in Upstart by 26.1% in the second quarter. Liontrust Investment Partners LLP now owns 290,000 shares of the company’s stock valued at $6,841,000 after purchasing an additional 60,000 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Upstart by 15.3% in the second quarter. Bank of New York Mellon Corp now owns 272,430 shares of the company’s stock valued at $6,427,000 after purchasing an additional 36,206 shares in the last quarter. Millennium Management LLC increased its stake in Upstart by 1,792.9% in the second quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock valued at $6,190,000 after purchasing an additional 277,896 shares in the last quarter. Finally, Seven Eight Capital LP increased its stake in Upstart by 18.1% in the second quarter. Seven Eight Capital LP now owns 223,608 shares of the company’s stock valued at $5,275,000 after purchasing an additional 34,223 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

Upstart Trading Up 8.9 %

Upstart stock opened at $47.02 on Friday. The company has a market cap of $4.21 billion, a P/E ratio of -20.09 and a beta of 2.01. The company has a fifty day simple moving average of $38.33 and a 200 day simple moving average of $29.48. Upstart Holdings, Inc. has a 1-year low of $19.84 and a 1-year high of $49.62.

Upstart (NASDAQ:UPST) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.22. The firm had revenue of $127.63 million during the quarter, compared to analysts’ expectations of $124.55 million. Upstart had a negative net margin of 38.05% and a negative return on equity of 32.01%. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.34) earnings per share. On average, equities research analysts forecast that Upstart Holdings, Inc. will post -2.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on UPST shares. Wedbush reissued an “underperform” rating and set a $10.00 price objective on shares of Upstart in a research report on Wednesday, August 7th. Mizuho increased their price objective on shares of Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Citigroup raised shares of Upstart from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $15.00 to $33.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Upstart from $27.00 to $30.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Finally, Piper Sandler increased their price objective on shares of Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.61.

Insider Buying and Selling at Upstart

In other Upstart news, CEO Dave Girouard sold 3,361 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $38.35, for a total value of $128,894.35. Following the completion of the sale, the chief executive officer now owns 61,512 shares in the company, valued at $2,358,985.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chief Legal Officer Scott Darling sold 9,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $45.00, for a total transaction of $405,000.00. Following the completion of the sale, the insider now owns 164,870 shares in the company, valued at approximately $7,419,150. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Dave Girouard sold 3,361 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $38.35, for a total transaction of $128,894.35. Following the sale, the chief executive officer now owns 61,512 shares of the company’s stock, valued at approximately $2,358,985.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,459 shares of company stock worth $7,789,750 over the last quarter. 18.06% of the stock is currently owned by insiders.

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.