Dave Girouard, the Chief Executive Officer of Upstart (NASDAQ:UPST) Holdings, Inc. (NASDAQ:UPST), recently executed a series of stock transactions according to a filing with the Securities and Exchange Commission. The company, currently valued at $6.7 billion, has seen its stock surge over 270% in the past six months, according to InvestingPro data. On December 16, Girouard sold a total of 41,667 shares of Upstart's common stock, generating approximately $3.47 million. The shares were sold at prices ranging from $81.70 to $84.70 per share.
In addition to the sales, Girouard exercised options to acquire 41,667 shares of common stock at a price of $0.83 per share. Following these transactions, Girouard directly owns 57,138 shares of Upstart's common stock. These transactions were conducted under a pre-established Rule 10b5-1 trading plan.
In other recent news, Upstart Holdings has been the subject of several significant developments. The company showcased a robust third quarter, with a 43% sequential increase in lending volume and a significant rise in revenue. Despite reporting a GAAP net loss of $7 million, the company projects total Q4 revenues of approximately $180 million and an adjusted EBITDA of $5 million. Upstart's expansion into the auto loan and home equity line of credit markets also yielded promising results, with the HELOC business doubling and auto loan originations increasing by 46%.
The company announced plans for a private offering of $425 million in Convertible Senior Notes due 2030, aimed at qualified institutional buyers. The proceeds from this offering will be used for general corporate purposes, potentially including repaying or retiring existing debt. Upstart also secured a strategic partnership with Blue Owl, guaranteeing up to $2 billion in loan purchases over the next 18 months.
On the analyst front, Upstart's stock received a rating upgrade from Redburn-Atlantic, shifting from Neutral to Buy. The firm also adjusted its price target for the company's shares to $95.00, a substantial increase from the previous target of $37.00. Meanwhile, JPMorgan (NYSE:JPM) downgraded Upstart's stock from Neutral to Underweight, despite raising the price target to $57 from $45. BTIG also upgraded Upstart's stock rating from Sell to Neutral, acknowledging a significant increase in the company's stock value and the positive performance of Upstart's loan volumes.
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