Why Upstart Holdings Stock Nearly Doubled in March
Shares of lending platform company Upstart Holdings (NASDAQ: UPST) soared 96.3% in March, according to data provided by S&P Global Market Intelligence. Though there has been much volatility in the stock since the company announced its fourth-quarter and fiscal year 2020 earnings report on March 17, much of the month's gains came with the almost 90% jump after the earnings release.
Upstart uses artificial intelligence to power its lending platform used by banks and credit unions. Upstart reported fourth-quarter revenue grew 39% year over year, but the company's 2021 guidance was what impressed investors the most. The company guided for first-quarter revenue of $115 million at the midpoint of the range, and for full-year revenue to grow 115% to about $500 million. One of the catalysts for growth was also reported the day earnings were released. Upstart made an acquisition that will add an auto loan segment to the company's offerings.
Source Fool.com
