Summit Financial Strategies Inc. Decreases Stake in Upstart Holdings, Inc. (NASDAQ:UPST)

Summit Financial Strategies Inc. trimmed its holdings in Upstart Holdings, Inc. (NASDAQ:UPST) by 56.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,561 shares of the company’s stock after selling 5,838 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Upstart were worth $281,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Upstart during the third quarter worth $35,000. BNP Paribas purchased a new position in shares of Upstart during the 3rd quarter worth approximately $37,000. Blue Trust Inc. raised its position in Upstart by 125.3% in the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock valued at $40,000 after purchasing an additional 550 shares during the period. Hollencrest Capital Management acquired a new stake in shares of Upstart in the third quarter valued at $40,000. Finally, Indiana Trust & Investment Management Co acquired a new position in Upstart during the 3rd quarter worth about $43,000. 63.01% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Upstart

In other news, CEO Dave Girouard sold 41,667 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.60, for a total value of $2,608,354.20. Following the transaction, the chief executive officer now owns 57,138 shares of the company’s stock, valued at approximately $3,576,838.80. The trade was a 42.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sanjay Datta sold 1,500 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $79.54, for a total value of $119,310.00. Following the sale, the chief financial officer now directly owns 331,093 shares of the company’s stock, valued at approximately $26,335,137.22. This represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 391,035 shares of company stock worth $26,890,777. Insiders own 18.06% of the company’s stock.

Upstart Price Performance

Shares of UPST opened at $67.44 on Monday. The firm has a fifty day moving average price of $69.41 and a 200 day moving average price of $51.15. Upstart Holdings, Inc. has a 1-year low of $20.60 and a 1-year high of $88.95.

Upstart (NASDAQ:UPST) last announced its earnings results on Thursday, November 7th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.31). The firm had revenue of $162.14 million during the quarter, compared to analyst estimates of $149.94 million. Upstart had a negative net margin of 30.15% and a negative return on equity of 32.57%. During the same period last year, the company earned ($0.48) earnings per share. As a group, equities analysts expect that Upstart Holdings, Inc. will post -2.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Citigroup raised shares of Upstart from a “neutral” rating to a “buy” rating and raised their price objective for the company from $56.00 to $87.00 in a research note on Friday, November 8th. Wedbush upped their price target on Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and raised their target price for the company from $31.00 to $85.00 in a report on Friday, November 8th. JPMorgan Chase & Co. cut shares of Upstart from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $45.00 to $57.00 in a research report on Monday, December 2nd. Finally, Needham & Company LLC raised Upstart from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Friday, December 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $61.80.

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.