UPST - Still Down 89% After Explosive Gains Today Is Upstart Stock a Buy?
2023-12-13 17:50:25 ET
Upstart (NASDAQ: UPST) stock closed out Wednesday's daily trading session with huge gains. The company's share price ended the day's trading up 20.3%, according to data from S&P Global Market Intelligence . Meanwhile, the S&P 500 index closed out the daily session up roughly 1.4%.
Stocks rallied on Wednesday following news that the Federal Reserve would keep interest rates at current levels rather than serve up another rate hike. That's particularly good news for fintech companies , including Upstart, which have generally been battered by the central banking authorities' program of rapid rate hikes.
Adding to the momentum for Upstart stock today, the company announced that a new partner had joined its platform . But even with today's explosive rally, the fintech's share price is still down 89% from its high.
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Still Down 89% After Explosive Gains Today, Is Upstart Stock a Buy?