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Upstart Holdings, Inc. (NASDAQ:UPST) shares are trading lower Monday after the company announced a private offering of $300 million convertible senior notes.
The Details:
Upstart expects to grant the initial purchasers of the notes an option to purchase up to an additional $45 million aggregate principal amount of the notes. The notes will mature on Oct. 1, 2029, unless earlier converted, repurchased or redeemed and will be convertible into cash, shares of Upstart’s common stock, or a combination thereof, at Upstart’s election.
Upstart said the interest rate, initial conversion rate, and other terms of the notes will be determined at the time of pricing of the offering.
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The company intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions related to the offering and a portion of the proceeds for the repurchase of a portion of its outstanding 0.25% convertible senior notes due 2026. The remainder of the net proceeds from the offering will be used for general corporate purposes.
What Else: Last week, Upstart CFO Sanjay Datta sold a total of 1,500 shares at an average price of $34.85 for approximately $52,275.
According to data from Benzinga Pro, Upstart shares are trading above the stock’s 50-day moving average of $32.63 and 11.68% of shares are being sold short.
When trying to assess whether or not Upstart Holdings will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $28.14 on Upstart Holdings. The Street high target is currently at $35 and the Street low target is $10. Of all the analysts covering Upstart, one has a positive rating, 3 have neutral ratings and 3 have negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Upstart have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Upstart is 7.27% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Upstart, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
UPST Price Action: According to Benzinga Pro, Upstart shares are down 4.66% at $36.26 at the time of publication Monday.
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Image: Courtesy of Upstart Holdings, Inc.
Posted In: UPST
