Upstart (NASDAQ:UPST) Shares Gap Up – Time to Buy?

Upstart Holdings, Inc. (NASDAQ:UPST) shares gapped up prior to trading on Friday . The stock had previously closed at $77.08, but opened at $80.21. Upstart shares last traded at $84.55, with a volume of 1,616,423 shares traded.

Analyst Ratings Changes

UPST has been the subject of a number of research analyst reports. Citigroup raised shares of Upstart from a “neutral” rating to a “buy” rating and upped their price target for the company from $56.00 to $87.00 in a report on Friday, November 8th. Wedbush lifted their price target on shares of Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Redburn Atlantic upgraded Upstart from a “neutral” rating to a “buy” rating and increased their price objective for the company from $37.00 to $95.00 in a research report on Tuesday, December 3rd. Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $31.00 to $85.00 in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. downgraded Upstart from a “neutral” rating to an “underweight” rating and upped their target price for the company from $45.00 to $57.00 in a report on Monday, December 2nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $61.80.

Upstart Price Performance

The business has a 50 day simple moving average of $62.68 and a 200 day simple moving average of $42.16.

Insider Buying and Selling at Upstart

In related news, CTO Paul Gu sold 4,019 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $75.00, for a total transaction of $301,425.00. Following the completion of the sale, the chief technology officer now directly owns 863,065 shares of the company’s stock, valued at approximately $64,729,875. This represents a 0.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kerry Whorton Cooper sold 500 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $74.59, for a total transaction of $37,295.00. Following the transaction, the director now directly owns 17,961 shares of the company’s stock, valued at approximately $1,339,710.99. This represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 534,868 shares of company stock worth $32,864,764 over the last ninety days. 18.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Upstart

Several hedge funds have recently made changes to their positions in the stock. Anfield Capital Management LLC acquired a new position in Upstart in the 2nd quarter valued at approximately $33,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Upstart during the third quarter valued at approximately $35,000. BNP Paribas acquired a new position in shares of Upstart in the third quarter valued at $37,000. Blue Trust Inc. lifted its position in Upstart by 125.3% in the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after purchasing an additional 550 shares during the period. Finally, Hollencrest Capital Management acquired a new stake in Upstart during the third quarter worth $40,000. 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.