Why Upstart Holdings Stock Was Down 15.6% This Week
The stock of Upstart Holdings (NASDAQ: UPST) performed worse than the overall market this week as it fell 15.6% from last Friday's close as of 10:30 a.m. ET on Friday, according to S&P Global Market Intelligence. Upstart had fallen as much as 17.4% during the week. The stock price is down a whopping 86.8% year to date as of Friday morning.
It wasn't a great week for the markets, either, as the Dow Jones Industrial Average was down 1.1%, the S&P 500 fell 3%, and the Nasdaq dropped 5.4% as of 10:30 a.m. ET tofay.
The week got off to a decent start as the stock surged higher on the morning of Nov. 1 after fellow banking fintech SoFi Technologies posted strong third-quarter earnings that morning, with record quarterly revenue and a net loss that beat analysts' expectations. It also raised its adjusted revenue guidance to the $1.517 billion to $1.522 billion range, and its guidance range for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was increased to $115 million to $120 million, up from the previous range of $104 million to $109 million.
Source Fool.com
