Truist Financial Corp Reduces Stock Holdings in Upstart Holdings, Inc. (NASDAQ:UPST)

Truist Financial Corp reduced its position in Upstart Holdings, Inc. (NASDAQ:UPST) by 6.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,185 shares of the company’s stock after selling 674 shares during the quarter. Truist Financial Corp’s holdings in Upstart were worth $217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC increased its stake in shares of Upstart by 1,792.9% in the second quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock worth $6,190,000 after purchasing an additional 277,896 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Upstart by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 7,013,918 shares of the company’s stock worth $286,589,000 after acquiring an additional 157,719 shares in the last quarter. Seven Eight Capital LP boosted its holdings in shares of Upstart by 349.1% in the first quarter. Seven Eight Capital LP now owns 189,385 shares of the company’s stock worth $5,093,000 after acquiring an additional 147,213 shares during the period. SG Americas Securities LLC grew its position in shares of Upstart by 442.1% in the second quarter. SG Americas Securities LLC now owns 148,214 shares of the company’s stock valued at $3,496,000 after purchasing an additional 120,871 shares in the last quarter. Finally, Magnetar Financial LLC raised its stake in shares of Upstart by 1,106.7% during the 1st quarter. Magnetar Financial LLC now owns 97,281 shares of the company’s stock valued at $2,616,000 after purchasing an additional 89,219 shares during the period. 63.01% of the stock is currently owned by institutional investors.

Upstart Stock Up 2.1 %

NASDAQ UPST opened at $53.13 on Friday. The stock’s 50-day simple moving average is $40.63 and its two-hundred day simple moving average is $30.41. Upstart Holdings, Inc. has a twelve month low of $19.84 and a twelve month high of $57.40. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of -25.79 and a beta of 2.01.

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

Insider Buying and Selling

In other Upstart news, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $48.68, for a total value of $73,020.00. Following the completion of the sale, the chief financial officer now owns 337,093 shares in the company, valued at approximately $16,409,687.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Sanjay Datta sold 1,500 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $48.68, for a total transaction of $73,020.00. Following the completion of the transaction, the chief financial officer now directly owns 337,093 shares of the company’s stock, valued at approximately $16,409,687.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Paul Gu sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $40.01, for a total value of $400,100.00. Following the completion of the sale, the chief technology officer now directly owns 894,629 shares in the company, valued at $35,794,106.29. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,959 shares of company stock worth $13,641,350 in the last ninety days. 18.06% of the stock is owned by insiders.

Analyst Ratings Changes

UPST has been the subject of a number of recent analyst reports. Piper Sandler lifted their target price on Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a report on Thursday, August 8th. Barclays raised their price target on shares of Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Mizuho upped their price target on shares of Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their price objective on Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $31.50.

Upstart 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.