Upstart Shares Rally On Q4 Results, M&A Deal, JMP Upgrade: Technical Levels To Watch

Upstart Holdings Inc. UPST shares rallied Thursday, closing the regular session 89.32% higher at $115.09. 

The gains come after the company posted better-than- expected fourth-quarter EPS on Wednesday. The stock was also upgraded by an analyst JMP Securities JMP to Market Outperform with a $111 price target. 

Upstart also announced plans to acquire Prodigy Software.

The stock is trading with a market cap of $4.5 billion and a public float of 57 million shares.

Upstart Short-Term Chart Analysis: The 5-minute chart shown above has a price level drawn at the $111 level.

This area may hold as a potential short-term support level.

The $100 mark may act as support in the future.

The price is trading above both the 200-day moving average (blue) and the volume-weighted average price (pink) shown on the chart. This gives the stock a short-term bullish sentiment. These indicators may also now hold as potential support levels.

Upstart Daily Chart Analysis: The daily chart above shows the stock may possibly break out of a previous resistance level of $100. Consolidation is key above this level for bulls for potential higher movements. Bears would like to see the price fall below this level. Connecting the lows of the chart shows another potential support below the $100 mark.

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