Upstart Holdings, Inc. (NASDAQ:SPEC) shares are trading higher Monday. The stock rose 17% last week after it announced a new credit union partner.
The Details:
Upstart shares rose after the company announced a partnership with Texans Credit Union, one of Texas' largest credit unions with over 123,000 members and $2.2 billion in assets.
"We are proud to have Texans Credit Union as one of Upstart's lending partners," said Michael Lock, Senior Vice President of Lending Partnerships at Upstart. "As a partner on the Upstart Referral Network, Texans Credit Union is able to provide personal loans to help more Texans achieve their financial goals."
June's inflation data came in cooler-than-expected last week which also drove stocks in the financial sector higher.
Upstart is trending across social media Monday and the stock has outsized short interest which can lead to large price movements when combined with heavy trading volume. According to data from Benzinga Pro, more than 9.25 million shares have been traded in the session and 32.95% of available shares are being sold short.
UPST Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Upstart Holdings have an average 1-year price target of $16.62, representing an expected downside of 44.64%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 3 analysts have bearish recommendations on Upstart, while no analysts have bullish ratings. The street high price target from Redburn Atlantic is $25.50, while the street low from Wedbush is $10.
UPST Price Action: According to Benzinga Pro, Upstart Holdings shares are up 8.82% at $29.50 at the time of publication Monday.
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