- The stock price of Upstart Holdings Inc (NASDAQ: UPST) fell by over 3% during intraday trading today. This is why it happened.
The stock price of Upstart Holdings Inc (NASDAQ: UPST) fell by over 3% during intraday trading today. Investors are responding negatively to a bearish research report from BofA.
BofA analyst Nat Schindler had downgraded Upstart to “Underperform” from a “Buy” rating and a $300 price target.
Schindler noted that since Upstart became a public company, it continuously delivered significant beats and raises each quarter, thus raising the FY guidance every quarter with management projecting revenues at $750 million for the second quarter of 2021. And the stock appreciated 787% year-to-date with a 187% gain since Q3 earnings on August 10.
Plus Schindler noted that the company’s long-term thesis is intact, but any near-term upside is priced in already.
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