New York State Common Retirement Fund lifted its stake in Upstart Holdings, Inc. (NASDAQ:UPST) by 270.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,500 shares of the company’s stock after purchasing an additional 37,600 shares during the quarter. New York State Common Retirement Fund’s holdings in Upstart were worth $16,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Credit Suisse AG purchased a new stake in shares of Upstart in the second quarter worth approximately $8,866,000. Legal & General Group Plc increased its holdings in Upstart by 791.1% in the second quarter. Legal & General Group Plc now owns 9,392 shares of the company’s stock worth $1,173,000 after buying an additional 8,338 shares during the last quarter. First Bancorp Inc ME acquired a new position in Upstart in the third quarter worth approximately $334,000. BlackRock Inc. increased its holdings in Upstart by 3.6% in the second quarter. BlackRock Inc. now owns 613,850 shares of the company’s stock worth $76,672,000 after buying an additional 21,256 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new position in Upstart in the second quarter worth approximately $2,839,000. 48.11% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on UPST. Bank of America downgraded Upstart from a “neutral” rating to an “underperform” rating and set a $300.00 price objective on the stock. in a report on Monday, October 18th. Atlantic Securities began coverage on Upstart in a report on Monday, September 6th. They issued an “overweight” rating and a $290.00 price objective on the stock. Morgan Stanley began coverage on Upstart in a report on Thursday, December 9th. They issued an “equal weight” rating and a $200.00 price objective on the stock. Zacks Investment Research upgraded Upstart from a “sell” rating to a “hold” rating in a report on Friday, November 19th. Finally, Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and set a $350.00 price objective on the stock in a report on Friday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $244.77.
In other news, insider Natalia Mirgorodskaya sold 259 shares of the firm’s stock in a transaction on Friday, November 26th. The shares were sold at an average price of $201.30, for a total value of $52,136.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Alison Nicoll sold 22,500 shares of the firm’s stock in a transaction on Wednesday, October 13th. The stock was sold at an average price of $337.34, for a total value of $7,590,150.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,807,033 shares of company stock worth $410,497,745. 25.20% of the stock is currently owned by corporate insiders.
Shares of Upstart stock opened at $155.43 on Friday. The company’s fifty day simple moving average is $223.22 and its 200-day simple moving average is $213.78. The company has a market cap of $12.74 billion and a price-to-earnings ratio of 194.29. Upstart Holdings, Inc. has a 1 year low of $36.26 and a 1 year high of $401.49.
Upstart (NASDAQ:UPST) last announced its quarterly earnings data on Tuesday, November 9th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.39. The business had revenue of $228.45 million for the quarter, compared to the consensus estimate of $213.46 million. Upstart had a net margin of 12.30% and a return on equity of 15.32%. On average, analysts anticipate that Upstart Holdings, Inc. will post 1.03 earnings per share for the current year.
Upstart Holdings, Inc operates a cloud- based artificial intelligence (AI) lending platform. The company’s platform aggregates consumer demand for loans and connects it to its network of the company’s AI- enabled bank partners. Its platform connects consumers, banks, and institutional investors through a shared AI lending platform.
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