Upstart Holdings Inc (NASDAQ:UPST) shares are trading significantly lower Tuesday after the company reported financial results and issued full-year guidance below analyst estimates. Several analysts also downgraded and lowered price targets on the stock.
Upstart said first-quarter revenue increased 156% year-over-year to $310 million, which beat the $300.12 million estimate, according to data from Benzinga Pro. The company reported quarterly earnings of 61 cents per share, which beat the estimate of 50 cents per share.
Upstart expects second-quarter revenue to be between $295 million and $305 million versus the $334.8 million estimate. Full-year 2022 revenue is now expected to be about $1.25 billion versus the $1.4 billion estimate.
Analyst Assessment:
- Piper Sandler analyst Arvind Ramnani downgraded Upstart from an Overweight rating to a Neutral rating and lowered the price target from $230 to $44.
- Stephens & Co. analyst Vincent Caintic downgraded Upstart from an Equal-Weight rating to an Underweight rating and lowered the price target from $124 to $28.
- Citigroup analyst Peter Christiansen downgraded Upstart from a Buy rating to a Neutral rating and lowered the price target from $180 to $50.
- Wedbush analyst David Chiaverini maintained Upstart with an Underperform rating and lowered the price target from $70 to $35.
UPST Price Action: Upstart has traded as high as $401.48 over a 52-week period. It's making new 52-week lows on Tuesday.
The stock was down 54.7% at $34.95 at time of publication.
Photo: courtesy of Upstart.
