Upstart Stock Sinks After Earnings. Here's Why One Analyst Remains Bullish.

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 97%

Österreich Nachrichten Nachrichten

Österreich Neuesten Nachrichten,Österreich Schlagzeilen

BTIG's Lance Jessurun sticks with his Buy recommendation on the stock.

Shares of Upstart were sinking Wednesday after the consumer lending company posted a wider-than-expected loss and issued a dismal outlook for growth.

Upstart uses artificial intelligence to allow lenders to approve more borrowers. In a conference call, the company reiterated the negative impact of banks being cautious about lending amid an environment of higher interest rates. In the third quarter, Upstart said lending partners originated 34% fewer loans than a year ago.

The stock fell as much as 30% shortly after the market opened, which would put it on pace for the largest percent decrease since August when it fell 34.24%, according to Dow Jones Market Data. At last check, the stock was down 25% to $22.07. After the earnings report, Jessurun stuck with his Buy rating on the stock but cut his target for price by half to $32. In a research note, he wrote that the next few quarters should show similar weakness but given the possibility of the Federal Reserve cutting rates next May “we believe that the macro environment should round the corner … and share price performance should likely follow.”

Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:

 /  🏆 3. in AT
 

Vielen Dank für Ihren Kommentar.Ihr Kommentar wird nach Prüfung veröffentlicht.

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Upstart’s stock gets hammered as earnings outlook comes in light‘Of course we’d prefer to be growing quickly, but this is a time when it’s wise to be operating in a conservative mode,’ CEO says
Herkunft: MarketWatch - 🏆 3. / 97 Weiterlesen »

Stock Market Today: Dow and Nasdaq Open Higher; Upstart, Disney Stocks in FocusLive coverage of stocks, financial and economic news, including the S&P 500, Dow and Nasdaq Composite.
Herkunft: WSJ - 🏆 98. / 63 Weiterlesen »