Hollencrest Capital Management Invests $40,000 in Upstart Holdings, Inc. (NASDAQ:UPST)

Hollencrest Capital Management bought a new stake in Upstart Holdings, Inc. (NASDAQ:UPST) in the third quarter, HoldingsChannel reports. The fund bought 1,000 shares of the company’s stock, valued at approximately $40,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Atomi Financial Group Inc. grew its holdings in Upstart by 0.7% during the second quarter. Atomi Financial Group Inc. now owns 59,009 shares of the company’s stock worth $1,392,000 after purchasing an additional 406 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Upstart by 18.2% in the second quarter. Daiwa Securities Group Inc. now owns 2,657 shares of the company’s stock valued at $63,000 after buying an additional 409 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Upstart by 4.2% during the 2nd quarter. Principal Financial Group Inc. now owns 10,405 shares of the company’s stock worth $245,000 after acquiring an additional 422 shares during the period. Inspire Advisors LLC increased its holdings in shares of Upstart by 3.0% during the 2nd quarter. Inspire Advisors LLC now owns 16,623 shares of the company’s stock worth $392,000 after acquiring an additional 480 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Upstart by 125.3% during the 3rd quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after acquiring an additional 550 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

Upstart Stock Up 46.0 %

NASDAQ:UPST opened at $81.00 on Friday. Upstart Holdings, Inc. has a twelve month low of $19.84 and a twelve month high of $82.25. The stock’s 50-day simple moving average is $43.81 and its 200 day simple moving average is $32.99. The firm has a market capitalization of $7.25 billion, a PE ratio of -32.50 and a beta of 1.97.

Upstart (NASDAQ:UPST) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.22. The company had revenue of $127.63 million for the quarter, compared to analyst estimates of $124.55 million. Upstart had a negative net margin of 38.05% and a negative return on equity of 32.01%. The firm’s revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.34) EPS. On average, analysts anticipate that Upstart Holdings, Inc. will post -2.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Sanjay Datta sold 1,500 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $51.70, for a total value of $77,550.00. Following the completion of the transaction, the chief financial officer now directly owns 334,093 shares in the company, valued at approximately $17,272,608.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Scott Darling sold 84,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $50.02, for a total value of $4,201,680.00. Following the completion of the transaction, the insider now owns 152,043 shares in the company, valued at $7,605,190.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $51.70, for a total transaction of $77,550.00. Following the sale, the chief financial officer now directly owns 334,093 shares in the company, valued at $17,272,608.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 312,959 shares of company stock valued at $13,724,175. 18.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on UPST shares. JPMorgan Chase & Co. raised shares of Upstart from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $30.00 to $45.00 in a research report on Friday. Mizuho upped their price target on shares of Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and increased their price target for the company from $31.00 to $85.00 in a report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Finally, Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and boosted their price target for the company from $56.00 to $87.00 in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $46.83.

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.