Why Upstart Stock Jumped 21.1% This Week
Upstart (NASDAQ: UPST) saw its stock price surge 21.1% higher this week, as of Friday at 10:40 a.m. ET, according to S&P Global Market Intelligence. It had been up as much as 28.5% this week. The stock was trading at about $16 per share as of Friday morning, up roughly 21.5% year to date.
The markets were mixed this week, as the S 500 fell 0.1% and the Dow Jones Industrial Average dropped 1.1%, but the Nasdaq Composite was up 0.6%.
It was a tough quarter for banks and lenders, but Upstart surged higher after beating projections for revenue and earnings in the first quarter. But the fintech, which deploys artificial intelligence (AI) to process loan requests for individuals and financial institutions, was far off the pace from a year ago. Revenue in the quarter was down 67% to $103 million. Fee revenue was down 63% year over year to $117 million, offsetting gains in interest income.
Source Fool.com
