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Upstart Trading Lower

00:01:30

Upstart Holdings ($UPST@US), which trades on the Nasdaq as UPST, traded lower on Monday after JMP Securities lowered its price target on the stock from $327 to $315. Last week saw Upstart shares trade sharply lower after the company reported third-quarter earnings results. Upstart reported quarterly earnings of 60 cents per share, which beat the analyst consensus estimate of 35 cents by 71%. The company reported quarterly sales of $228.00 million, beating the analyst consensus estimate of $214.90 million by 6%. Adjusted net income was $57.4 million, up from $12.3 million in the same quarter of the prior year. Upstart is an AI lending platform partnering with banks to expand access to affordable credit. By leveraging Upstart's AI platform, Upstart-powered banks can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand. Upstart is one of the first companies to apply AI to the multi-trillion dollar credit industry. It goes beyond the traditional score, using more than 1,000 variables to evaluate each application, which helps improve consumers' access to credit. Upstart’s model provides higher approval rates and lower interest rates for traditionally underserved demographics. Dave Girouard co-founder and CEO of Upstart, said “Since Upstart's IPO a year ago, we've more than tripled our revenue, tripled our profits, tripled the number of banks and credit unions on our platform and tripled the number of auto dealerships we serve. With that many 3s, Upstart is becoming the Steph Curry of the FinTech industry." Upstart has a 52-week high of $401.49 and a 52-week low of $22.61.

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