Upstart Holdings Inc UPST is trading higher Wednesday after the company announced better-than-expected second-quarter financial results and issued guidance above estimates.
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 expects third-quarter revenue to be in a range of $205 million to $215 million. The company raised its full-year 2021 revenue guidance from $600 million to $750 million, versus estimates of $601.12 million.
“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," said Dave Girouard, CEO of Upstart.
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.
Citigroup analyst Peter Christiansen upgraded Upstart from Neutral to Buy and raised the price target from $120 to $205.
Price Action: Upstart has traded as high as $191.89 and as low as $22.61 over a 52-week period.
At last check Wednesday, the stock was up 20.50% at $163.50.
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