2023-05-12 12:08:29 ET
Upstart (NASDAQ: UPST) saw its stock price surge 21.1% higher this week, as of Friday at 10:40 a.m. ET, according to S&P Global Market Intelligence . It had been up as much as 28.5% this week. The stock was trading at about $16 per share as of Friday morning, up roughly 21.5% year to date.
The markets were mixed this week, as the S&P 500 fell 0.1% and the Dow Jones Industrial Average dropped 1.1%, but the Nasdaq Composite was up 0.6%.
It was a tough quarter for banks and lenders, but Upstart surged higher after beating projections for revenue and earnings in the first quarter. But the fintech , which deploys artificial intelligence (AI) to process loan requests for individuals and financial institutions, was far off the pace from a year ago. Revenue in the quarter was down 67% to $103 million. Fee revenue was down 63% year over year to $117 million, offsetting gains in interest income.
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Why Upstart Stock Jumped 21.1% This Week