If You Invested $3,000 in Upstart in 2022, This Is How Much You Would Have Today
Artificial intelligence-assisted lender Upstart (NASDAQ: UPST) went public toward the end of 2020 and shortly after saw its stock soar into the stratosphere. Over the last year and change, the company came under tremendous pressure as the Federal Reserve aggressively raised interest rates, which exposed weaknesses in part of Upstart's business model.
Needless to say, the fintech has been on a bumpy ride in its short life as a publicly traded company. If you had invested $3,000 in Upstart stock at the start of 2022, here's how much you would have today.
Upstart developed proprietary algorithms that management believes can better assess the creditworthiness of loan applicants than traditional loan underwriting methods. The company takes loans processed through its platform (currently personal and auto loans) and either sells them to investors or partners with banks and credit unions that will fund the loan and retain it on their balance sheet.
Source Fool.com
