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Why Upstart Shares Are Falling

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Upstart ($UPST@US) shares were trading lower by 10% at $161.70 on continued weakness. Morgan Stanley ($MS@US) initiated coverage on the stock with an equal-weight rating and announced a price target of $200. Upstart provides credit services through its cloud-based, artificial intelligence lending platform. As an AI lending platform that partners with banks and credit unions to provide loans using non-traditional variables like education and employment to determine credit, its revenue primarily comes from fees paid by those banks. Its goal is to one day replace the FICO score. The company is one of the fastest-growing stocks this year with 234% revenue growth in its last earnings report. It’s also one of the most volatile. Since its IPO last December, Upstart is 550% higher. However, the stock is also down 60% from its early October highs. One factor in its weakness was the company’s guidance for Q4 which came in below expectations. Another is that growth stocks have been selling off with rising short-term rates. Upstart has a 52-week high of $401.49 and a 52-week low of $22.61.

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