Upstart shares are trading lower in sympathy with peer Affirm after Piper Sandler downgraded the stock from Neutral to Underweight. Also, the stock might be moving lower amid overall market weakness on concerns over further rate hikes.
Portfolio Pulse from Benzinga Newsdesk
Shares of Upstart are trading lower in sympathy with peer Affirm after Piper Sandler downgraded Affirm's stock from Neutral to Underweight. The stock may also be affected by overall market weakness due to concerns over further rate hikes.
July 06, 2023 | 5:26 pm
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Upstart's stock is trading lower following a downgrade of its peer Affirm by Piper Sandler and amid concerns over further rate hikes.
Upstart's stock is trading lower due to two main factors. First, Piper Sandler downgraded the stock of its peer Affirm from Neutral to Underweight, which has a negative impact on Upstart as they operate in the same industry. Second, there are concerns over further rate hikes which generally lead to a decrease in stock prices as it increases the cost of borrowing, thus affecting the profitability of companies.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100