Decline in UPST’s short interest indicates Bullish sentiment

ZOM Stock
ZOM Stock

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Upstart Holdings Inc. shares valued at $468,989 were sold by Datta Sanjay on May 23. At $26.92 per share, Datta Sanjay sold 17,419 shares. The insider’s holdings dropped to 445,849 shares worth approximately $10.58 million following the completion of this transaction.

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Also, Gu Paul sold 13,340 shares, netting a total of over 359,013 in proceeds. Following the sale of shares at $26.91 each, the insider now holds 884,488 shares.

Before that, Darling Scott had sold 3,665 shares from its account. In a trade valued at $98,714, the Chief Legal Officer traded Upstart Holdings Inc. shares for $26.93 each. Upon closing the transaction, the insider’s holdings decreased to 3,665 shares, worth approximately $4.5 million.

Analyzing UPST Stock Performance

On Thursday, Upstart Holdings Inc. [NASDAQ: UPST] plunged -10.96% to $23.73. The stock’s lowest price that day was $23.59, but it reached a high of $27.90 in the same session. During the last five days, there has been a drop of approximately -3.50%. Over the course of the year, Upstart Holdings Inc. shares have jumped approximately 79.50%. Shares of the company reached a 52-week high of $29.99 on 05/23/23 and a 52-week low of $11.93 on 05/03/23. A 50-day SMA is recorded $16.48, while a 200-day SMA reached $19.44. Nevertheless, trading volume fell to 14.04 million shares from 12.57 million shares the previous day.

Support And Resistance Levels for Upstart Holdings Inc. (UPST)

According to the 24-hour chart, there is a support level at 22.25, which, if violated, would cause prices to drop to 20.76. In the upper region, resistance lies at 26.56. The next price resistance is at 29.38. RSI (Relative Strength Index) is 60.59 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 4.58, which suggests the price will increase in the coming days. Percent R is at 36.72%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Upstart Holdings Inc. subject to short interest?

Stocks of Upstart Holdings Inc. saw a sharp steep in short interest on Apr 27, 2023 dropping by -3.44 million shares to 22.63 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2023 was 26.07 million shares. A decline of -15.2% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 6.02 of the overall float, the days-to-cover ratio (short ratio) decline to 6.02.

Which companies own the most shares of Upstart Holdings Inc. (UPST)?

According to The Vanguard Group, Inc. filings, the company currently owns 6,316,694 shares, which is about 7.76% of the total UPST shares outstanding. The investor’s shares have appreciated by 18,257 from its previous 13-F filing of 6298437.0 shares. BlackRock Fund Advisors acquire a 0.65% interest valued at $37.67 million while Coatue Management LLC purchased a 832,422 stake. A total of -2,246,807 shares of Upstart Holdings Inc. were bought by BofA Securities, Inc. during the quarter, and 1,295,214 were bought by JPMorgan Securities LLC. In its current portfolio, SSgA Funds Management, Inc. holds 1,167,896 shares valued at $16.23 million.

In terms of Upstart Holdings Inc. share price expectations, FactSet research, analysts set an average price target of $12.46 in the next 12 months, down nearly -53.1% from the previous closing price of $26.65. Analysts anticipate Upstart Holdings Inc. stock to reach $17.00 by 2023, with the lowest price target being $6.00. In spite of this, 15 analysts ranked Upstart Holdings Inc. stock as an Underweight at the end of 2023.


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