UPST - Why Upstart Stock Soared 209% in 2023
2024-01-11 13:12:55 ET
After collapsing in 2022, shares of Upstart (NASDAQ: UPST) were on the rebound last year, jumping 209%, according to data from S&P Global Market Intelligence.
The artificial intelligence (AI)-based consumer lending company benefited from a more resilient performance from the economy than expected, an increasing premium on AI technology, and expectations that interest rates could start falling this year. A short squeeze also seemed to help drive the stock higher.
As you can see from the chart, Upstart's gains primarily came between its first-quarter earnings report in May and its second-quarter earnings report in August. After falling sharply on the Q2 report, the stock rebounded at the end of the year on signs that interest rates would fall in 2024.
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Why Upstart Stock Soared 209% in 2023