Mane Global Capital Management LP Makes New Investment in Upstart Holdings, Inc. $UPST

Mane Global Capital Management LP bought a new stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST) in the second quarter, Holdings Channel reports. The fund bought 673,712 shares of the company’s stock, valued at approximately $43,576,000. Upstart comprises about 1.8% of Mane Global Capital Management LP’s portfolio, making the stock its 22nd biggest holding.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in Upstart by 385.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $90,000 after purchasing an additional 1,548 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Upstart by 2.8% during the first quarter. Vanguard Group Inc. now owns 8,014,656 shares of the company’s stock worth $368,915,000 after buying an additional 221,204 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Upstart by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,518 shares of the company’s stock worth $162,000 after buying an additional 353 shares in the last quarter. Swiss National Bank raised its position in shares of Upstart by 6.3% in the first quarter. Swiss National Bank now owns 159,100 shares of the company’s stock valued at $7,323,000 after buying an additional 9,400 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Upstart by 79.0% in the first quarter. Invesco Ltd. now owns 1,270,352 shares of the company’s stock worth $58,474,000 after buying an additional 560,668 shares in the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

Upstart Price Performance

Upstart stock opened at $48.81 on Thursday. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 221.87 and a beta of 2.27. The firm has a 50 day simple moving average of $45.54 and a 200-day simple moving average of $58.81. Upstart Holdings, Inc. has a 1-year low of $31.40 and a 1-year high of $96.43.

Upstart (NASDAQ:UPST) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. Upstart had a return on equity of 3.68% and a net margin of 3.33%.The company had revenue of $258.54 million during the quarter, compared to analyst estimates of $288.94 million. During the same period in the prior year, the business posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 70.9% compared to the same quarter last year. Equities analysts expect that Upstart Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Paul Gu bought 100,000 shares of the stock in a transaction on Tuesday, November 11th. The stock was bought at an average price of $39.23 per share, with a total value of $3,923,000.00. Following the completion of the purchase, the chief technology officer directly owned 80,000 shares in the company, valued at $3,138,400. This represents a -500.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Dave Girouard sold 41,667 shares of Upstart stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $64.93, for a total transaction of $2,705,438.31. Following the sale, the chief executive officer owned 52,614 shares of the company’s stock, valued at approximately $3,416,227.02. This represents a 44.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 56,874 shares of company stock valued at $3,263,519. 16.67% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Upstart from $80.00 to $56.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. lowered their target price on Upstart from $88.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Bank of America dropped their price target on Upstart from $81.00 to $71.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $40.00 price target on shares of Upstart in a report on Thursday, November 6th. Finally, Stephens lowered their price objective on Upstart from $55.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 5th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $60.50.

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.