The stock price of the disruptive tech company, Upstart, is up nearly 100% in one month. Analysts have recently upgraded their price estimates for the tech stock following the earnings report.
Analysts have recently upgraded the price prediction for Upstart, a disruptive tech company pushing into the lending market. But, is that backed up by the company’s prospects or should you take it with a grain of salt?
The next sections discuss Upstart and why its share price managed to increase nearly 100% this past month. Let’s find out where you can buy this stock first.
How & Where to Buy Upstart Stock Online
If you want to add a promising tech company to your portfolio, Upstart stock may be worth your attention. You can find this stock by registering with one of the following online brokers. They also provide more insight into the company’s price performance and other metrics that could help you decide if the stock is suitable for your strategy and objectives.
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What Is Upstart?
Upstart is a relatively new company that aims to use artificial intelligence to automate the lending industry. Currently, the company is involved in the unsecured personal loan market, but it aims to expand to mortgages and vehicle loans. The company makes money by charging fees on its platform which currently has 25 banks and credit unions. These banks are charged fees for referrals, loan origination, and there are also servicing fees throughout the entire time consumers pay back the loans.
Should I Buy Upstart Today?
Upstart became a public company in December 2020 selling its shares to the public for only $44. On the 6th of August 2021, the share price climbed from $132 to the current price at the time of writing, $274.33. The question is, what fueled such an increase and, even more importantly, is it worth your attention right now?
The company reported its Q2 financial results on the 10th of August: an impressive 1,000% increase in revenues YoY. This is what made its stock price pop. It also estimated the full-year revenue guidance to be $750 million, beating the analysts’ estimated by about 25%. Unsurprisingly, analysts upgraded their price estimates, too, inspired by such financial performance.
Investors reacted positively to this news, and the company’s estimated revenues for the year indicate continuous growth. However, keep in mind that analysts’ estimates do not impact the underlying business activity – although, it may not be so difficult to see where all the optimism came from.
Upstart Price Prediction 2021
Based on nine analyst ratings, the stock is currently a buy with a target price of $300. There are no sell recommendations.