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Upstart Holdings, Inc. (NASDAQ:UPST) shares are racing higher Wednesday after the company reported strong second-quarter financial results Tuesday.
The Details:
Upstart's second-quarter results beat analysts' expectations on both the top and bottom lines. The company issued strong third-quarter guidance for revenue of approximately $150 million, well-above the $124.5 million consensus estimate.
"The guidance we released today demonstrates that we're on track toward resuming our role as the fintech known for high growth and healthy margins," said Dave Girouard, CEO of Upstart. "The improvements in our business are coming from significant advances in our AI model, a revitalized funding supply, and increased operating efficiency. These wins and more are providing the foundation for the Upstart comeback story."
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Multiple analysts updated coverage on Upstart following the print:
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Upstart Holdings have lost 3.09% year to date. This compares to the average annual return of -44.17%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Upstart stock currently has an RSI of 34.56, indicating neutral conditions.
For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.
UPST Price Action: According to Benzinga Pro, Upstart Holdings shares are up 51.4% at $36.14 at the time of publication Wednesday.
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Image: Courtesy of Upstart Holdings, Inc.
Posted In: UPST
