Upstart Rebounded Nearly 6% in Morning Trading After Tumbling 34.24% Yesterday

Seekingalpha2023-08-10

Upstart Holdings, Inc. rebounded nearly 6% in morning trading after tumbling 34.24% yesterday.It provided softer-than-anticipated Q3 revenue guidance and Q2 revenue missed estimates."This wasn’t the ‘...

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Morgan analyst Reginald Smith in a note to clients, who rates the stock Underweight.The company that operates a lending platform for banks reported Q2 revenue of $135.8M, slightly missing the Bloomberg consensus estimate of $135.9M but beating the Capital IQ consensus estimate of $135.3M.Meanwhile, its guidance for Q3 revenue of ~$140M was under the $155.4M Capital IQ consensus as well as the $152.8M Bloomberg consensus.A miss on net interest income offset a fee revenue beat, said BTIG analyst Lance Jesserun, who remains more bullish than the Street on Upstart (UPST) with a Buy rating.Smith noted that borrowers are accepting fewer loans due to higher fees/APRs, credit trends softened sequentially, and third-party funding is \"prohibitively expensive in many cases.\"Both Smith and Jesserun pointed to a number of positives in the Q2 results. \"Demand shows no signs of slowing, with 1.2M rate requests vs. Street expectations at 1M,\" fee revenue and contribution margin beat Street consensus estimates, and the company signed on another capital partner in July, Jesserun said.\"To its credit, UPST has rationalized its business, increased automation, and enhanced its underwriting model and seems well positioned to hit the ground running once the macro environment improves,\" wrote J.P. 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