What's Going On With Upstart (UPST) Stock?
Portfolio Pulse from Henry Khederian
Upstart Holdings Inc (NASDAQ:UPST) shares fell 5.2% to $34.36 after a 43% gain over the last five trading days. The stock surged last week due to better-than-expected Q2 financial results and strong Q3 revenue guidance. Upstart reported a quarterly loss of 17 cents per share, better than the expected 39 cents loss, and revenue of $128 million, surpassing estimates. The company originated 143,900 loans totaling $1.1 billion, a 6% decrease from the previous year, but improved its conversion rate from 9% to 15%. CEO Dave Girouard cited advances in AI, renewed funding supply, and operational efficiency as key factors for the positive outlook. For Q3 2024, the company anticipates revenue of about $150 million, exceeding the $124.5 million estimate.
August 12, 2024 | 7:28 pm
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Upstart Holdings Inc (NASDAQ:UPST) shares fell 5.2% to $34.36 after a 43% gain over the last five trading days. The stock surged last week due to better-than-expected Q2 financial results and strong Q3 revenue guidance. Upstart reported a quarterly loss of 17 cents per share, better than the expected 39 cents loss, and revenue of $128 million, surpassing estimates. The company originated 143,900 loans totaling $1.1 billion, a 6% decrease from the previous year, but improved its conversion rate from 9% to 15%. CEO Dave Girouard cited advances in AI, renewed funding supply, and operational efficiency as key factors for the positive outlook. For Q3 2024, the company anticipates revenue of about $150 million, exceeding the $124.5 million estimate.
The stock's recent decline is a pullback after a significant gain driven by strong Q2 results and positive Q3 guidance. The better-than-expected financial performance and optimistic future outlook suggest a positive short-term impact despite the current dip.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100