One of the market's biggest losers in 2022 is Upstart Holdings (NASDAQ: UPST). Its stock price is down nearly 85% year-to-date and it appears nvestors have abandoned the stock, assuming its business model is broken.

But as we'll see, there's good reason to believe the business model is still working. And if it's working, Upstart stock could be a market-beating investment from here.

From its initial public offering (IPO) price of $20 per share to its peak in mid-2021, Upstart stock was up 19.5 times in value in less than one year as a public company. Now almost exactly one year later, it's down roughly 94% from that peak. Clearly, something happened for investors to give up on Upstart stock.

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Source Fool.com