Upstart Holdings Inc. (UPST) shares surged 19.43% to trade at $106.82 in after-market on Tuesday, May 11, 2021. Earlier, UPST’s stock gained 1.39% to close Tuesday’s session at $89.44. UPST shares have moved down 16.69% in the past week. Over the past three months, the stock has gained 11.45%.
Let,s see is there any recent news about the company or not?
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Financial result announcement
On May 11, 2021, Upstart Holdings, Inc. reported financial results for its first quarter of the fiscal year 2021 ended March 31, 2021.
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Q1 2021 financial highlights
- Upstart Holdings earned a total revenue of $121 million in Q1 2021 compared to $64 million in the same quarter in 2020.
- Operating income was $15.6 million in Q1 2021 compared to $0.6 million in Q1 2020.
- Total operating expenses were $105.78 million in Q1 2021 compared to $63.4 million in Q1 2020.
- The company reported a GAAP net income of $10.1 million or $0.11 diluted earnings per share for Q1 2021
- Adjusted net income was $19.9 million or $0.22 diluted earnings per share in Q1 2021
- Adjusted EBITDA was $21.0 million in Q1 2021 compared to $3.7 million in Q1 2020.
- On March 31, 2021, UPST had total cash and cash equivalents of $488 million approximately.
Financial Outlook for Q2 2021.
- Upstart Holdings is expecting a revenue of $150 to $160 million.
- Net Income of $8 to $12 million in Q2 2021 is expected.
- Adjusted net income of $21 to $25 million
- Adjusted EBITDA of $23 to $27 million is estimated for Q2 2021.
Upstart selected for Personal and Auto Lending
On April 28, 2021 Upstart was selected by Drummond Community Bank, provide personal and auto loans to better serve their customers and community.
Drummond Community Bank became an Upstart bank partner in March 2021 and will be offering personal loans and auto loan refinancing powered by Upstart’s all-digital, AI-lending platform on its bank website.
Closing public offering of common stock
On April 15, 2021, Upstart Holdings closed the follow-on offering of its common stock which includes 2,000,000 shares offered and sold by Upstart, at a price to the public of $120.00 per share, and the full exercise of the underwriters’ option to purchase an additional 300,000 shares from Upstart.
First Financial Bank chose Upstart for personal loans
On April 14, 2021, First Financial Bank expanded its personal lending program with the Upstart Referral Network to increase access to unsecured lending solutions.
First Financial Bank in Cincinnati, Ohio-based full-service bank serving consumer and business clients in Ohio, Indiana, Kentucky, and Illinois. First Financial Bank began lending through the Upstart Referral Network in February 2021.
Qualified personal loan applicants on Upstart.com who meet First Financial Bank’s credit policies would be able to complete the online application and relationship onboarding process seamlessly.
Conclusion
UPST stock surged after the announcement of its financial results on May 11 and we can expect it to surge further in the coming days.