Shares of Upstart Holdings (NASDAQ: UPST) surged by as much as 19.6% Wednesday. As of 2:23 p.m. ET, the stock was still up 15.5%.
The major market indexes were in rally mode, with a wide swath of stocks trading higher. While this trend no doubt contributed to the cloud-based AI lending platform's rise, blockbuster second-quarter results from another fintech stock likely provided additional tailwinds.
While a check of all the usual sources turned up no company-specific news that could be driving Upstart higher, the stock was likely moving in sympathy with SoFi Technologies (NASDAQ: SOFI), which reported better-than-expected financial results. In Q2, SoFi generated record net revenue of $362.5 million, up 57% year over year, and its adjusted EBITDA soared 81%. This resulted in a loss per share of $0.12.
Source Fool.com