UPST – Why Upstart Holdings (UPST) Soared 89% Today

Shares of online lending marketplace Upstart Holdings (UPST Free Report) soared on Thursday after posting better-than-expected fourth quarter results. UPST closed up 89.3% to $115.09 per share.

For Q4, revenue rose 39% year-over-year, lending volume jumped 57% to almost 123,400, and full-year 2020 adjusted earnings hit $0.23 per share compared to a loss in 2019.

2021 could be another big year for Upstart. The lender expects revenue to more than double 2020’s figure and Q1 earnings are anticipated to move higher on a sequential basis. Much of this growth will come from its just-announced acquisition of Prodigy Software, which will help UPST move into the auto loan market.

UPST was also upgraded to Outperform from Market Perform at JMP Securities. Analyst Ronald Josey is positive on Upstart’s market share gains potential, accelerating loan requests, and expanding bank partnerships.

Zacks Top 10 Stocks for 2021

In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?

Last year’s 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.

AccessZacks Top 10 Stocks for 2021 today >>