Upstart Holdings, Inc. UPST shares are trading higher on Tuesday amid positive analyst coverage from BTIG.
The Details:
BTIG analyst Lance Jessurun maintained Upstart with a Buy rating and raised the price target from $42 to $72.
The price target increase appears to be driving Upstart shares higher on heavy trading volume. According to Benzinga Pro, more than 16 million shares have already been traded in the session, compared to the 100-day average of 10.395 million shares.
Shares of UPST are up more than 110% over the last month and more than 320% over the last three months, potentially driven by excitement surrounding AI.
Upstart is an AI lending marketplace that partners with banks and credit unions to expand access to affordable credit. Upstart provides a fully-digital, automated lending platform that allows for greater than two-thirds of its loans to be approved instantly.
Upstart will release its second-quarter financial results on Aug. 8 after the market close. The company said it will discuss its results during a conference call following the release at 4:30 p.m. ET.
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UPST Price Action: According to Benzinga Pro, Upstart shares were up 17.4% at $62.92 at the time of publication.
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