What's Going On With Upstart Holdings Stock?

Upstart Holdings, Inc. UPST shares are trading higher Thursday after the Federal Reserve cut interest rates by 50 basis points (bps) on Wednesday.

The Details:

Upstart shares are climbing amid a broad market rally as investors digest the Fed's larger-than-anticipated interest rate cut which marked the first in more than four years. The rate cut brings the federal funds rate down to a range of 4.75% to 5% and will reduce rates for consumers.

Many of Upstart's business segments, including automotive loans and personal loans, could benefit from lower interest rates which may draw more borrowers to the company's offerings.

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Earlier this week, Upstart announced a private offering of $300 million convertible senior notes due in 2029, which was later upsized to $375 million. 

According to data from Benzinga Pro, Upstart shares are trading above the stock’s 50-day moving average of $33.44 on above-average volume Thursday.  

Will UPST Stock Go Up?

When trying to assess whether or not Upstart Holdings will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $28.14 on Upstart. The Street high target is currently at $35 and the Street low target is $10. Of all the analysts covering Upstart Holdings, one has positive ratings, 3 have neutral ratings and 3 have negative ratings.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Upstart Hldgs have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Upstart Holdings is 2.58% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Upstart, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

UPST Price Action: According to Benzinga Pro, Upstart shares are up 4.93% at $40.20 at the time of publication Thursday. 

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Image: Courtesy of Upstart Holdings, Inc.