Why Upstart Stock Plunged 42% in the First Six Months of the Year
Upstart Holdings (NASDAQ: UPST) stock lost 42% of its value in the first six months of 2024, according to data provided by S&P Global Market Intelligence. It continues to lose business and report losses, and investors don't see this ending any time soon.
Upstart has an artificial intelligence (AI)-driven lending platform that it claims can assess creditworthiness more accurately than the traditional credit score. However, in the high-interest-rate environment, the company's business is drying up.
In some ways, it's been worse because Upstart's performance when money was flowing was so fantastic. Investors had built up their expectations for this tech disruptor, so the stock has fallen that much harder.
Source Fool.com
