Upstart (NASDAQ:UPST) Rating Lowered to Underweight at JPMorgan Chase & Co.

Upstart (NASDAQ:UPST) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Monday, MarketBeat reports. They currently have a $57.00 price objective on the stock, up from their previous price objective of $45.00. JPMorgan Chase & Co.‘s price target points to a potential downside of 21.68% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $56.00 to $87.00 in a research report on Friday, November 8th. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a research report on Monday, November 11th. Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and raised their price target for the company from $31.00 to $85.00 in a research report on Friday, November 8th. Barclays increased their price objective on Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $57.56.

Upstart Stock Performance

NASDAQ:UPST opened at $72.78 on Monday. The stock has a fifty day moving average price of $56.03 and a two-hundred day moving average price of $38.97. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of -37.71 and a beta of 2.19. Upstart has a 1 year low of $20.60 and a 1 year high of $86.07.

Insider Activity at Upstart

In other news, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $34.85, for a total value of $52,275.00. Following the completion of the sale, the chief financial officer now directly owns 344,593 shares in the company, valued at approximately $12,009,066.05. The trade was a 0.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chief Legal Officer Scott Darling sold 7,190 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $39.15, for a total value of $281,464.77. Following the transaction, the insider now owns 176,870 shares of the company’s stock, valued at $6,923,876.83. This represents a 3.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 451,439 shares of company stock worth $26,781,220. 18.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC acquired a new position in Upstart during the 3rd quarter worth $334,000. Tyler Stone Wealth Management raised its stake in shares of Upstart by 94.1% in the 3rd quarter. Tyler Stone Wealth Management now owns 55,534 shares of the company’s stock worth $2,222,000 after buying an additional 26,917 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Upstart in the 3rd quarter worth $939,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Upstart by 63.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock worth $29,031,000 after buying an additional 282,481 shares in the last quarter. Finally, Fred Alger Management LLC raised its position in shares of Upstart by 153.2% during the third quarter. Fred Alger Management LLC now owns 1,246,839 shares of the company’s stock worth $49,886,000 after purchasing an additional 754,416 shares during the period. 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.