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Upstart (UPST) Moves 10.5% Higher: Will This Strength Last?
Upstart Holdings, Inc. (UPST - Free Report) shares ended the last trading session 10.5% higher at $29.96. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.1% gain over the past four weeks.
Upstart extended its rally, driven by growing partner network. The company’s artificial intelligence (AI)-based lending platform has been selected by several banks and credit unions which is contributing well to the company’s top line. Investors seems to be also very optimistic about recent launches across Upstart’s product portfolio powered by generative AI and machine learning which might favor the company’s performance in the long-run.
This company is expected to post quarterly loss of $0.39 per share in its upcoming report, which represents a year-over-year change of -750%. Revenues are expected to be $125.16 million, down 7.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Upstart, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on UPST going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Upstart is part of the Zacks Computers - IT Services industry. Evolv Technologies Holdings, Inc. (EVLV - Free Report) , another stock in the same industry, closed the last trading session 9.8% higher at $3.14. EVLV has returned 22.2% in the past month.
For Evolv Technologies, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. This represents a change of -30% from what the company reported a year ago. Evolv Technologies currently has a Zacks Rank of #3 (Hold).