Why Upstart Stock Rose 8.9% This Week
It was a good week for Upstart Holdings (NASDAQ: UPST) as its stock price rose roughly 8.9% as of Friday at 10 a.m. ET, according to S&P Global Market Intelligence. The stock had been up as much as 9.5% during the week. On Friday morning, it was up about 146.9% year to date.
The broader markets were also up this week, as the S 500 gained 2.6%, the Dow Jones Industrial Average rose 1.6%, and the Nasdaq Composite jumped 3.2%, as of Friday at 10 a.m. ET.
The fintech, which uses artificial intelligence (AI) to facilitate loans, soared in the first half of the year, fueled by the surge in technology stocks, and more specifically AI-related stocks. But things have cooled in the past months as Upstart went from over $70 per share on Aug. 1 to its current price hovering around $33. It is still up around 150%, but it lost half its value in the past month.
Source Fool.com
