Upstart (NASDAQ:UPST) Posts Earnings Results, Beats Expectations By $0.22 EPS

Upstart (NASDAQ:UPST) released its quarterly earnings results on Tuesday. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.22, Briefing.com reports. Upstart had a negative return on equity of 31.57% and a negative net margin of 38.05%. The firm had revenue of $127.63 million for the quarter, compared to the consensus estimate of $124.55 million. During the same quarter last year, the business posted ($0.34) EPS. The firm’s quarterly revenue was down 6.0% compared to the same quarter last year. Upstart updated its Q3 2024 guidance to EPS.

Upstart Trading Up 6.0 %

Shares of NASDAQ:UPST traded up $2.04 on Friday, reaching $36.25. 17,041,497 shares of the company were exchanged, compared to its average volume of 6,434,901. The company has a 50-day moving average of $25.26 and a 200-day moving average of $26.06. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -17.63 and a beta of 1.97. Upstart has a 1-year low of $19.84 and a 1-year high of $49.62.

Analysts Set New Price Targets

A number of brokerages have recently commented on UPST. Wedbush reaffirmed an “underperform” rating and issued a $10.00 target price on shares of Upstart in a report on Wednesday. Mizuho upgraded shares of Upstart from an “underperform” rating to an “outperform” rating and lifted their price objective for the company from $17.00 to $31.00 in a research note on Wednesday, July 31st. JMP Securities reiterated a “market perform” rating on shares of Upstart in a research note on Wednesday, April 17th. BTIG Research assumed coverage on Upstart in a research report on Friday, June 7th. They issued a “sell” rating and a $14.00 price target on the stock. Finally, Redburn Atlantic raised Upstart from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $22.50 to $25.50 in a research report on Tuesday, June 4th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $24.50.

Insider Activity at Upstart

In related news, CFO Sanjay Datta sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.49, for a total value of $25,490.00. Following the sale, the chief financial officer now owns 380,398 shares in the company, valued at approximately $9,696,345.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Sanjay Datta sold 1,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $25.49, for a total value of $25,490.00. Following the sale, the chief financial officer now directly owns 380,398 shares of the company’s stock, valued at approximately $9,696,345.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Paul Gu sold 80,000 shares of Upstart stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $29.52, for a total transaction of $2,361,600.00. Following the transaction, the chief technology officer now owns 893,596 shares of the company’s stock, valued at approximately $26,378,953.92. The disclosure for this sale can be found here. Insiders sold 171,610 shares of company stock worth $4,725,533 over the last 90 days. Company insiders own 18.06% of the company’s stock.

Upstart Company 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.