Why Upstart's Stock Is Continuing To Move Higher Again Today

Upstart Holdings Inc UPST is trading higher Friday after Barclays analyst Ramsey El-Assal upgraded the stock from Equal-Weight to Overweight and raised the price target from $130 to $230.

Given Upstart's continued impressive performance, El-Assal sees improvements in conversion rate, top-of-funnel acquisition and margins being more sustainable than he previously thought.

The Barclays analyst said he also sees additional upside potential from the auto vertical and a normalization of the credit environment.

On Tuesday, Upstart reported quarterly earnings of 62 cents per share, which beat the estimate of 25 cents per share. The company reported quarterly revenue of $194 million, which beat the estimate of $157.76 million.

Upstart operates a proprietary, cloud-based, artificial intelligence lending platform that aggregates consumer demand for loans and connects it to its network of bank partners.

Price Action: Upstart has traded as high as $191.89 and as low as $22.61 over a 52-week period.

At last check Friday, the stock was up 13.9% at $203.57.

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