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Home News

Upstart Holdings Inc. on the Rise

by Administrator Forexezy
July 26, 2023
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Upstart Holdings Inc. saw a surge in its shares during Tuesday trading, following positive predictions from an analyst regarding the company’s upcoming quarterly report.

According to Lance Jessurun of BTIG, web-traffic data indicates significant potential for Upstart UPST, +20.25% to exceed expectations in the second quarter. Jessurun anticipates that the company’s revenue will surpass both management’s forecast and the consensus view by approximately $10 million, with estimates currently set at $135 million.

As a result of this optimistic outlook, Upstart’s stock rose by 18% during midday trading on Tuesday.

Looking at the recent market trends, it appears that investors may already have high expectations for Upstart’s upcoming report. The stock has experienced a substantial increase of 73% since June 13, leading Jessurun to believe that short sellers may be covering their positions in anticipation of positive earnings. This surge in market activity suggests a shift in sentiment towards Upstart’s stock.

Despite the recent rally, Jessurun maintains his buy rating and has revised his price target from $42 to $72 on Tuesday.

“While there may still be lingering questions regarding deal economics and terminal value, it is difficult to foresee any downside catalyst that would significantly impact the stock and bring its value back down to the $10-20 range, especially considering the strong quarter ahead,” Jessurun stated in his report. As of Tuesday, shares were trading just below $64.

In a broader analysis of the fintech industry, Jessurun emphasized the importance of macroeconomic commentary in upcoming earnings reports. Wall Street will be closely watching for insights into areas such as credit quality, payment trends, discretionary spending, deposit trends, and the impact of student-loan forbearance.

Stay tuned for further updates on Upstart’s performance as market expectations continue to rise.

Don’t miss: Upstart’s stock is now a buy, says analyst, as ‘the bear thesis is fading’

Don’t miss: SoFi student-loan business may not ‘see the tsunami the stock seems to be reflecting,’ JPM warns

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