Why Upstart Holdings (UPST) Is Up 89% Today – March 18, 2021
Shares in the online loan marketplace Upstart stocks (UPST – Free report) rose on Thursday after posting better-than-expected fourth-quarter results. UPST closed 89.3% at $ 115.09 per share.
In the fourth quarter, revenue rose 39% year over year, loan volume rose 57% to nearly 123,400, and adjusted earnings for full year 2020 reached $ 0.23 per share compared to a loss in 2019.
2021 could be another big year for Upstart. The lender expects revenue to more than double compared to 2020 and earnings to increase sequentially in the first quarter. Much of this growth will come from the recently announced acquisition of Prodigy Software, which will help UPST enter the auto loan market.
UPST was also upgraded to Outperform by Market Perform at JMP Securities. Analyst Ronald Josey is positive about the potential of Upstart’s market share gains, accelerating loan inquiries and expanding banking partnerships.
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