Why Upstart Shares Traded Lower Today

Upstart Holdings Inc UPST shares traded lower on Monday after JMP Securities lowered its price target on the stock from $327 to $315.

Last week saw Upstart shares trade sharply lower after the company reported third-quarter earnings results.

Upstart Holdings reported quarterly earnings of 60 cents per share which beat the analyst consensus estimate of 35 cents by 71%. The company reported quarterly sales of $228.00 million which beat the analyst consensus estimate of $214.90 million by 6%.

“Since Upstart's IPO a year ago, we've more than tripled our revenue, tripled our profits, tripled the number of banks and credit unions on our platform, and tripled the number of auto dealerships we serve,” said Dave Girouard co-founder and CEO of Upstart.

"With that many 3s, Upstart is becoming the Steph Curry of the FinTech industry."

Upstart has a 52-week high of $401.49 and a 52-week low of $22.61.