JPMorgan Chase & Co. Downgrades Upstart (NASDAQ:UPST) to Underweight

Upstart (NASDAQ:UPST) was downgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued on Monday,Finviz reports.

UPST has been the topic of several other reports. Piper Sandler upgraded shares of Upstart from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $31.00 to $85.00 in a research report on Friday, November 8th. Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $56.00 to $87.00 in a report on Friday, November 8th. Barclays boosted their target price on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Mizuho increased their price target 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, Needham & Company LLC reissued 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, six have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $46.83.

Upstart Stock Performance

Shares of UPST opened at $74.83 on Monday. Upstart has a fifty-two week low of $20.60 and a fifty-two week high of $86.07. The business has a 50-day moving average of $55.46 and a 200 day moving average of $38.68. The firm has a market cap of $6.83 billion, a P/E ratio of -38.77 and a beta of 1.97.

Insider Transactions at Upstart

In other news, CTO Paul Gu sold 65,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $66.58, for a total value of $4,327,700.00. Following the completion of the transaction, the chief technology officer now owns 878,565 shares of the company’s stock, valued at approximately $58,494,857.70. This represents a 6.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott Darling sold 1,300 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $40.01, for a total value of $52,013.00. Following the completion of the sale, the insider now directly owns 161,043 shares in the company, valued at approximately $6,443,330.43. The trade was a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 502,939 shares of company stock worth $28,887,725. 18.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upstart

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