Why Are Upstart Shares Moving Higher Today?

Upstart Holdings Inc UPST shares traded higher Tuesday afternoon following better-than-expected second-quarter results and raised full-year guidance.

The company reported quarterly earnings of $0.62 per share on sales of $194 million.

Analysts on Upstart were expecting sales of $158 million.

Upstart CEO, David Girouard, said "Our second quarter results continue to show why Upstart has the potential to be among the world’s largest and most impactful FinTechs. Lending is the center beam of revenue and profits in financial services and artificial intelligence may be the most transformational change to come to this industry in its 5,000 year history."

Upstart said it expects third-quarter sales between $205 million and $215 million. Analysts expected third-quarter sales around $161.6 million.

The company also raised its fiscal year guidance. Upstart had previously expected yearly sales around $600 million; the company now expects sales over $750 million. Analysts consensus estimate for the company's FY21 sales was $601 million.

Shares of Upstart last traded up about 19% to around $161.50.

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