Upstart (NASDAQ:UPST) Price Target Raised to $39.00 at Bank of America

Upstart (NASDAQ:UPST) had its price target raised by Bank of America from $33.00 to $39.00 in a report released on Wednesday,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other brokerages have also recently issued reports on UPST. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a research note on Monday, November 11th. Needham & Company LLC raised their price target on shares of Upstart from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday. Wedbush boosted their price objective on shares of Upstart from $60.00 to $75.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. JPMorgan Chase & Co. upgraded shares of Upstart from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $57.00 to $79.00 in a research note on Wednesday. Finally, Citigroup raised Upstart from a “neutral” rating to a “buy” rating and upped their target price for the company from $56.00 to $87.00 in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Upstart presently has a consensus rating of “Hold” and a consensus price target of $67.08.

Upstart Stock Performance

Shares of Upstart stock opened at $88.77 on Wednesday. Upstart has a 1 year low of $20.60 and a 1 year high of $90.44. The firm’s 50-day simple moving average is $67.78 and its 200-day simple moving average is $54.62.

Upstart (NASDAQ:UPST) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. Upstart had a negative return on equity of 32.57% and a negative net margin of 30.15%. As a group, equities research analysts expect that Upstart will post -2.18 earnings per share for the current year.

Insider Transactions at Upstart

In other news, CTO Paul Gu sold 65,000 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $66.58, for a total transaction of $4,327,700.00. Following the completion of the sale, the chief technology officer now owns 878,565 shares in the company, valued at approximately $58,494,857.70. This represents a 6.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Girouard sold 41,667 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $65.41, for a total value of $2,725,438.47. Following the completion of the transaction, the chief executive officer now directly owns 61,512 shares in the company, valued at $4,023,499.92. The trade was a 40.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 347,868 shares of company stock worth $24,056,862 in the last 90 days. 18.06% of the stock is owned by insiders.

Institutional Trading of Upstart

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Upstart by 5.0% in the 4th quarter. Vanguard Group Inc. now owns 7,793,452 shares of the company’s stock worth $479,843,000 after acquiring an additional 369,640 shares during the period. Geode Capital Management LLC grew its position in shares of Upstart by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 1,846,438 shares of the company’s stock valued at $113,711,000 after purchasing an additional 29,664 shares during the last quarter. Fred Alger Management LLC increased its stake in shares of Upstart by 153.2% in 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. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Upstart by 63.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock worth $29,031,000 after purchasing an additional 282,481 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Upstart by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 657,118 shares of the company’s stock valued at $40,459,000 after purchasing an additional 14,242 shares during the period. 63.01% of the stock is owned by institutional investors.

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.