Principal Financial Group Inc. Sells 3,248 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Principal Financial Group Inc. reduced its stake in Upstart Holdings, Inc. (NASDAQ:UPST) by 31.2% in the third quarter, Holdings Channel.com reports. The fund owned 7,157 shares of the company’s stock after selling 3,248 shares during the period. Principal Financial Group Inc.’s holdings in Upstart were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Tidal Investments LLC lifted its stake in Upstart by 1,413.7% in the third quarter. Tidal Investments LLC now owns 333,463 shares of the company’s stock worth $13,342,000 after purchasing an additional 311,434 shares during the last quarter. Synergy Financial Group LTD purchased a new position in Upstart in the 3rd quarter worth approximately $258,000. Orion Capital Management LLC boosted its holdings in shares of Upstart by 5.1% during the 3rd quarter. Orion Capital Management LLC now owns 5,560 shares of the company’s stock valued at $222,000 after acquiring an additional 270 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Upstart by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,816,774 shares of the company’s stock valued at $72,702,000 after acquiring an additional 29,482 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Upstart in the 3rd quarter worth $430,000. 63.01% of the stock is owned by institutional investors.

Upstart Trading Down 0.9 %

Shares of NASDAQ:UPST opened at $63.52 on Tuesday. Upstart Holdings, Inc. has a twelve month low of $20.60 and a twelve month high of $88.95. The company’s 50 day moving average is $68.76 and its 200 day moving average is $47.31. The company has a market cap of $5.79 billion, a PE ratio of -32.91 and a beta of 2.26.

Analyst Ratings Changes

A number of research firms recently commented on UPST. Citigroup raised Upstart from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $56.00 to $87.00 in a 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. Redburn Atlantic upgraded shares of Upstart from a “neutral” rating to a “buy” rating and upped their target price for the stock from $37.00 to $95.00 in a research note on Tuesday, December 3rd. Mizuho raised their target price on shares of Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Finally, Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and increased their price target for the company from $31.00 to $85.00 in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $61.80.

Insider Transactions at Upstart

In other news, CTO Paul Gu sold 87,600 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $69.39, for a total value of $6,078,564.00. Following the completion of the transaction, the chief technology officer now owns 863,065 shares of the company’s stock, valued at $59,888,080.35. The trade was a 9.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Scott Darling sold 84,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $50.02, for a total value of $4,201,680.00. Following the sale, the insider now directly owns 152,043 shares in the company, valued at approximately $7,605,190.86. This trade represents a 35.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,868 shares of company stock worth $30,620,588 over the last 90 days. 18.06% of the stock is currently owned by company insiders.

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.