$UPST Part 1: Who is Upstart? Today, a bank loan is a cumbersome and annoying process.
Upstart is here to change the rules of the game!
The company was founded by former Googlers, and its investors include Google's chairman and Salesforce ($CRM) founder.
Upstart is AI-based and thus predicts the personally suitable credit rating for each customer! (by using data such as education, etc.) thereby making the process personal, professional, and cheaper.
Beyond loans, the company provides a platform for private investors interested in lending money!
Upstart creates a unique combination: financing alongside career development and personal entrepreneurship!
Since its IPO in late 2020 until its peak, Upstart recorded a rally of 1,500%!
On 3/18, Upstart reported and announced the acquisition of a cloud software provider, opening it to an additional market share, and from there the stock surged 545% to an all-time high of $400.
What has changed? Since 10/15, the stock has begun a wave of profit-taking of over 40% so far!
On 10/26, Upstart declined nearly 10% after a downgrade from Jefferies to a price of $330, another negative catalyst for the declines.
Two weeks later, on 11/10, the company published its Q3 earnings. The company beat estimates and even raised its guidance, which did not help stem the declines.
Continuation and technical analysis in the next post: