Why Upstart And Other Lending Stocks Are Catching Bids Today

Upstart Holdings Inc UPST shares are trading higher Wednesday, in sympathy with SoFi Technologies Inc SOFI, which reported better-than-expected financial results and raised full-year guidance.

• SoFi Revenue: $356.09 million beat estimate of $346.48 million
• SoFi EPS: loss of 12 cents beat estimate for loss of 13 cents

SoFi now expects full-year adjusted net revenue to be between $1.508 billion and $1.513 billion, versus the estimate of $1.48 billion. Full-year expectations are up from a previous guidance range of $1.505 billion to $1.513 billion.

Related Link: SoFi Technologies Stock Is Surging Today: Here's Why

Demand was expected to be softer in the quarter amid rising rates. SoFi's better-than-expected results and sending several other lending names, including Upstart, higher Wednesday. MoneyLion Inc ML and LendingClub Corp LC are also moving alongside SoFi on Wednesday.

Upstart operates a proprietary, cloud-based, artificial intelligence lending platform to provide credit services.

UPST Price Action: Upstart has a 52-week high of $161 and a 52-week low of $22.41.

The stock was up 12.6% at $28.64 at press time, according to data from Benzinga Pro.

Photo: StartupStockPhotos from Pixabay.