- Upstart (UPST.US) shares plunged over 60% during today's session despite better-than-expected quarterly results. Sell-off was triggered by weak revenue outlook for 2022 which was lowered to $1.25 billion from $1.4 billion previously.
- The artificial intelligence lending platform expects lover sales as the current macroeconomic environment is likely to weigh on loan volume.
- Company cited climbing interest rates and the risk of a recession as factors which may negatively affect its future performance.
- Analysts from Piper Sandler downgraded Upstart stock to a neutral rating from overweight and sharply lowered price target to $44 from $230.
Upstart (UPST.US) stock fell over 90.0% from it's all-time high from October 2021 and is heading towards all-time lows around $23.90. Source: xStation5
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