Here's Why Upstart Stock Soared to a New All-Time High on Wednesday
The stock of Upstart Holdings (NASDAQ: UPST) has been on fire lately and is continuing its stellar performance today. As of 1 p.m. EDT, it was more than 8% higher after rallying as much as 10% earlier in the session.
It's worth noting that this is just the latest move higher. Upstart reported its earnings last week and gained about 25% after the report. Then, analyst upgrades and market optimism continued to push the stock higher. In all, it has gained more than 90% over the past month, and is now trading for roughly 11 times its initial public offering price from just nine months ago.
There are a couple of likely reasons we're seeing Upstart's stock move higher yet again, but one in particular stands out. In addition to continued optimism among analysts, market commentators, and other industry professionals, Upstart just announced that it was raising $575 million in fresh capital through a convertible bond offering.
Source Fool.com
