Fred Alger Management LLC Buys 754,416 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Fred Alger Management LLC lifted its stake in Upstart Holdings, Inc. (NASDAQ:UPST) by 153.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,246,839 shares of the company’s stock after purchasing an additional 754,416 shares during the period. Fred Alger Management LLC’s holdings in Upstart were worth $49,886,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Atomi Financial Group Inc. lifted its stake in Upstart by 0.7% in the second quarter. Atomi Financial Group Inc. now owns 59,009 shares of the company’s stock worth $1,392,000 after acquiring an additional 406 shares during the period. Daiwa Securities Group Inc. lifted its stake in Upstart by 18.2% in the second quarter. Daiwa Securities Group Inc. now owns 2,657 shares of the company’s stock worth $63,000 after acquiring an additional 409 shares during the period. Principal Financial Group Inc. lifted its stake in Upstart by 4.2% in the second 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 lifted its stake in Upstart by 3.0% in the second 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 period. Finally, Blue Trust Inc. lifted its stake in Upstart by 125.3% in the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after acquiring an additional 550 shares during the period. 63.01% of the stock is owned by hedge funds and other institutional investors.

Upstart Trading Down 0.1 %

Shares of NASDAQ:UPST opened at $78.43 on Friday. Upstart Holdings, Inc. has a 1 year low of $20.60 and a 1 year high of $86.07. The business’s 50 day moving average price is $53.91 and its 200-day moving average price is $37.90.

Analysts Set New Price Targets

A number of research firms recently weighed in on UPST. Barclays upped their price objective on shares of Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Mizuho increased their price target on shares of Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research report 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 research report on Friday, November 8th. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Citigroup raised shares of Upstart from a “neutral” rating to a “buy” rating and increased their price target for the company from $56.00 to $87.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $46.83.

Insider Activity

In other news, CFO Sanjay Datta sold 1,500 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $34.42, for a total transaction of $51,630.00. Following the transaction, the chief financial officer now owns 343,093 shares in the company, valued at $11,809,261.06. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chief Legal Officer Scott Darling sold 7,190 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $39.15, for a total value of $281,464.77. Following the transaction, the insider now owns 176,870 shares in the company, valued at $6,923,876.83. This trade represents a 3.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 502,939 shares of company stock worth $28,887,725 in the last quarter. Corporate insiders own 18.06% of the company’s stock.

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.