Upstart (NASDAQ:UPST) Updates Q2 2022 Earnings Guidance

Upstart (NASDAQ:UPST – Get Rating) updated its second quarter 2022 earnings guidance on Monday. The company provided earnings per share guidance of $0.29-$0.31 for the period, compared to the consensus earnings per share estimate of $0.54. The company issued revenue guidance of $295.00 million-$305.00 million, compared to the consensus revenue estimate of $334.81 million.Upstart also updated its FY 2022 guidance to EPS.

A number of equities research analysts have commented on the stock. Wedbush dropped their price objective on shares of Upstart from $70.00 to $35.00 in a research report on Tuesday, May 10th. Stephens downgraded shares of Upstart from an equal weight rating to an underweight rating and dropped their price objective for the company from $124.00 to $28.00 in a research report on Tuesday, May 10th. Piper Sandler cut shares of Upstart from an overweight rating to a neutral rating and lowered their target price for the company from $230.00 to $44.00 in a report on Tuesday, May 10th. Barclays cut shares of Upstart from an overweight rating to an equal weight rating and set a $35.00 target price for the company. in a report on Wednesday, May 11th. Finally, Zacks Investment Research cut shares of Upstart from a hold rating to a sell rating in a report on Wednesday, May 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Upstart currently has an average rating of Hold and an average target price of $114.00.

NASDAQ:UPST traded up $1.21 during trading hours on Tuesday, reaching $39.00. 127,143 shares of the company’s stock were exchanged, compared to its average volume of 13,706,342. Upstart has a 1-year low of $25.43 and a 1-year high of $401.49. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 23.04 and a beta of 1.14. The company has a 50-day moving average of $90.66 and a 200 day moving average of $136.10.

Upstart (NASDAQ:UPST – Get Rating) last released its earnings results on Monday, May 9th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.53 by $0.08. Upstart had a net margin of 15.23% and a return on equity of 20.27%. The company had revenue of $310.14 million during the quarter, compared to analysts’ expectations of $300.13 million. During the same quarter last year, the business earned $0.12 EPS. The business’s revenue was up 155.6% on a year-over-year basis. Equities research analysts forecast that Upstart will post 1.02 earnings per share for the current fiscal year.

In related news, CEO Dave Girouard sold 41,667 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $3,333,360.00. Following the sale, the chief executive officer now directly owns 87,114 shares of the company’s stock, valued at $6,969,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Alison Nicoll sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 16th. The stock was sold at an average price of $144.05, for a total transaction of $1,080,375.00. The disclosure for this sale can be found here. Insiders sold a total of 207,708 shares of company stock valued at $21,254,868 in the last quarter. Insiders own 18.87% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in Upstart by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,447 shares of the company’s stock valued at $522,000 after buying an additional 164 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Upstart during the fourth quarter valued at approximately $26,000. Guggenheim Capital LLC lifted its position in Upstart by 18.0% during the first quarter. Guggenheim Capital LLC now owns 2,101 shares of the company’s stock valued at $229,000 after buying an additional 320 shares in the last quarter. Toroso Investments LLC lifted its position in Upstart by 17.9% during the fourth quarter. Toroso Investments LLC now owns 2,208 shares of the company’s stock valued at $334,000 after buying an additional 335 shares in the last quarter. Finally, Salem Investment Counselors Inc. raised its stake in shares of Upstart by 50.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 1,050 shares of the company’s stock valued at $159,000 after purchasing an additional 350 shares during the period. 59.65% of the stock is currently owned by hedge funds and other institutional investors.

About Upstart (Get Rating)

Upstart Holdings, Inc operates a cloud- based artificial intelligence (AI) lending platform in the United States. 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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