Upstart Holdings hits more than two-year high after strong Q4 revenue forecast

Upstart Holdings

08/11/2024 16:29

** Shares of AI lending platform Upstart Holdings  UPST.O 
jump 42.6% to $79.08, hitting their highest in more than 2 years
    ** UPST late Thursday forecast Q4 revenue of about $180 mln,
exceeding Wall Street estimates of $162.3 mln - LSEG data
    ** Even without a significant boost from the macroeconomy,
we're back in growth mode, CEO Dave Girouard says
    ** Q3 revenue jumped 20% to $162 mln, driven by strong
growth in lending volumes
    ** Meanwhile, Q3 net loss narrowed to $6.8 mln, or 7
cents/shr, compared with $40.3 mln, or 48 cents/shr, a year
earlier
    ** At least three brokerages, including Citi, JPM, and Piper
Sandler, upgrade UPST stock
    ** JPM says UPST is "seemingly out of the woods," with loan
performance steadily improving over the last several quarters
    ** Adds it is increasingly encouraged by UPST's improving
credit performance and accelerated path to profitability
    ** As of last close, UPST shares up 35.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))