Upstart Holdings Inc UPST is experiencing a remarkable surge in its shares, trading higher by an impressive 23.99% to reach $28.58 on Monday afternoon. Despite the absence of any significant company-specific news, the stock is displaying notable strength during today's session.
What's particularly noteworthy is the heavy trading volume witnessed on Monday, with a staggering 20 million shares exchanged hands. This volume represents a substantial increase of over three times the average trading volume of 6 million shares over the past 100 days. As Monday trading comes to a close, the upward movement in the stock price coincides with its growing popularity across various social media platforms.
In fact, the total number of shares traded on Monday is rapidly approaching Upstart's entire share float. The company currently has a share float of 22.63 million, and intriguingly, approximately 31.70% of these shares have been sold short by investors.
According to data from Benzinga Pro, UPST has a 52-week high of $54.69 and a 52-week low of $11.93.
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