Upstart Holdings Inc. (NASDAQ:UPST) shares are trading higher Thursday, bouncing after touching a fresh 52-week low earlier in the session.
- Upstart Holdings stock is showing downward pressure. What’s next for UPST stock?
Upstart Bounces Off a Fresh 52-Week Low
Shares fell to $23.72 intraday Thursday, slipping below the stock’s prior 52-week range and marking a new low, before reversing higher and climbing back toward the top of the day’s $23.72-to-$24.54 range.
The bounce follows a strong second-quarter report posted August 4, when Upstart beat revenue estimates with $364.71 million in sales against a $351.52 million consensus, posted 16 cents in earnings per share, and reported originations up 50% year-over-year to $4.2 billion alongside an all-time-high contribution profit of $193 million.
CEO Paul Gu credited the results to management delivering on internal targets, pointing to the company’s swing back to positive GAAP earnings and its ability to fund faster loan growth without tapping additional equity markets.
Upstart’s Sector Remains a Mixed Backdrop
Beyond the earnings backdrop, today’s sector positioning offers a mixed picture. Upstart sits within a sector ranking sixth out of 11 S&P sectors today, down 0.44%. The sector itself has fallen 6.88% over the past month, though it remains up 1.36% over the past 90 days.
Energy, Communication Services and Healthcare are leading the market today, while Materials, Technology and Industrials trail behind, a pattern that suggests money is favoring defensive names over cyclical, growth-tied sectors exposed to the broader economy, even as Upstart itself manages to buck that trend and trade higher on the day.
UPST Shares Are Rising
UPST Price Action: Upstart shares were up 0.45% at $24.56 at the time of publication on Thursday. The stock is trading near its 52-week low of $23.96, according to Benzinga Pro.
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