Read Why Upstart Shares Are Plunging Today

JMP Securities analyst Andrew Boone downgraded Upstart Holdings Inc UPST to Market Perform from Outperform without a price target.
The move comes after the company lowered its second-quarter revenue outlook citing funding constraints due to a volatile macroeconomy.
The company also took action to convert loans on its balance sheet into cash and made losses due to rising rates.
The company's preliminary revenue stands at $228 million (consensus $297.68 million), down from previously guided $295 million - $305 million.
The analyst sees limited revenue visibility going forward as Upstart does not want to hold loans on its balance sheet while capital market participants are less willing to fund originations.
Price Action: UPST shares are trading lower by 16.51% at $28.17 in premarket on the last check Friday.
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