Upstart Holdings, Inc. UPST shares are trading lower after the company released its second-quarter financial reports and issued weak guidance. Here's a look at the details:
The Details:
On Tuesday, Upstart reported second-quarter revenue of $136 million, representing a decrease of 40% year-over-year. The company also reported total fee revenue of $144 million, a decrease of 44% year-over-year.
Upstart also issued guidance for the third quarter including anticipated revenue of approximately $140 million and a net loss of approximately $38 million.
Shares of UPST are moving lower on heavy trading volume. According to data from Benzinga Pro, more than 20 million shares have been traded in the session, compared to the stock's 100-day average of just under 12 million shares.
Upstart has gained attention from short-sellers and retail investors, and UPST is currently one of the top trending tickers on both Yahoo! Finance and StockTwits. According to Benzinga Pro, 36.23% of available shares are being sold short.
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UPST Price Action: According to Benzinga Pro, Upstart Holdings shares are down by more than 31% at $35.35 at the time of publication.
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