Why Upstart Shares Are Falling

Shares of several companies in the broader technology sector, including Upstart Holdings Inc UPST, are trading lower as investors weigh Wednesday's Fed announcements and assess tapering outlook. Expected rate hikes for 2022 which could weigh on tech and growth stocks.

Upstart shares are also trading lower amid overall market weakness as omicron variant concerns weigh on stocks across the broader technology sector.

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Upstart Holdings provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform. The platform aggregates consumer demand for loans and connects it to the network of Upstart AI-enabled bank partners. The revenue of the company is primarily comprised of fees paid by banks.

Upstart has a 52-week high of $401.49 and a 52-week low of $22.61.