Upstart Holdings, $UPST, is a lending platform that uses AI technology to enable more people to access "reasonably priced credit." They currently offer three and five years loans of up between $1,000 up to $50,000. Founded by former employees of Google, Upstart uses the latest computer programming capabilities to improve access to affordable credit to those who need it while keeping the risks of lenders in check.
From a fundamental perspective, Upstart is expected to have a breakout year on annual earnings in 2021, with annual earnings set to rise 487% from 2020! Next year is also expected to be robust with earnings estimated to be up 77% from 2021. In addition, the consumer loan industry group has been strong over the past few months and management currently owns 23% of the shares in Upstart. This is something I always love to see as it indicates that the insiders are bullish on the future of their company.
A recent IPO, UPST came across my radar on March 18, 2021 as it moved up 89% in one day! This was even more impressive given that many growth stocks were correcting during this time. The rapid advance of Upstart in the March 2021 market environment indicates strong demand for this stock. UPST has held its' gains quite well over the past two weeks, indicating a reluctance of shareholders to lose their position. Upstart continues to close above its' 20-day moving average which is something I always like to see after a strong move higher. On the weekly chart, I really the skyscraper accumulation bars and the tight weekly closes. This is a chart that is showing strong demand with not much selling coming into the market. In the coming weeks, I will be monitoring UPST closely to see if it can clear recent resistance, as I believe this is a stock that may just be "starting" something good.
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Full Disclosure: I currently own UPST.
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