Why Shares of Upstart Holdings Rallied 36% in May
Upstart Holdings (NASDAQ: UPST) stock rose 36% in May, according to data provided by S&P Global Market Intelligence. These rapid gains came because the company beat analyst earnings estimates in the first quarter and significantly raised its outlook for the 2021 fiscal year.
Based in San Mateo, California, and founded by ex-employees of Alphabet's Google (NASDAQ: GOOG) (NASDAQ: GOOGL), Upstart is a lending platform that uses artificial intelligence to estimate what it calls "true risk" for anyone taking out a consumer loan. It works with financial institutions, essentially acting as the technology middleman between people buying and selling loans to one another.
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Source Fool.com
