Shares of Upstart (NASDAQ: UPST) have gotten knocked off their perch, plummeting over 90% from their peak in 2021. That plunge makes the AI-powered lending platform's current mid-$20 share price seem pretty cheap. 

However, just because Upstart's stock price is down sharply doesn't mean it's now a bargain. While there's still a case for investing in Upstart stock, value-conscious investors might want to watch this stock from the sidelines.

Upstart currently has a $2.3 billion market cap and $2.7 billion enterprise value. Both are well below the $30 billion valuation the AI lending platform enjoyed at its peak in 2021. 

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Source Fool.com