Why Upstart Stock Tanked 31% in April

Shares of artificial intelligence-based lending platform Upstart Holdings (NASDAQ: UPST) dropped 31% in April, according to data provided by S&P Global Market Intelligence. The share price continued its descent as the market continued to show negativity toward tech stocks, and investors have been reevaluating the stock's elevated valuation.

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Upstart stock has had a wild ride since going public just over a year ago. Investors caught on to its growth potential as it was posting triple-digit year-over-year sales growth, and in one quarter, quadruple-digit growth.

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Source Fool.com