Upstart Holdings Inc. (NASDAQ:UPST) shares are trading higher Wednesday after the company reported better-than-expected fourth-quarter financial results, issued guidance above estimates and announced a buyback program. Upstart reported quarterly revenue of $305 million, beating the $262.85 million estimate. The company reported adjusted earnings of 89 cents per share, beating the estimate of 51 cents per share.
Upstart was up 33.52% at $145.68 at the time of publication.
See Also: Why Upstart Shares Are Soaring Today
Upstart Daily Chart Analysis
- Shares saw a large gap higher after following the earnings announcement and are now heading back up toward resistance near the $170 level. The stock was recently able to find support near the $80 level and may continue to hold this level as support in the future.
- The stock crossed above the 50-day moving average (green) Wednesday, but trades below the 200-day moving average (blue). This indicates the stock is in a period of consolidation and the 50-day moving average may hold as support, while the 200-day moving average may act as resistance.
- The Relative Strength Index (RSI) has been flying higher the past couple of weeks and now sits at 64. This shows that the stock is seeing many buyers enter the market. If the RSI continues to rise, it will enter the overbought range and the price will likely continue to trend higher.
What’s Next For Upstart?
The stock has been pushing higher on strong volume after bouncing off support and then seeing good earnings. This is a bullish sign for the future of the stock as it begins to head back toward the resistance level.
Bullish traders are looking to see the stock continue to form higher lows and go on to break above the $170 level and be able to hold above it.
Bearish traders are looking to see lower highs and for the stock to start falling back to the $80 level before cracking below the level and holding it as an area of resistance.
Photo: Courtesy of upstart.com
