Upstart stock tumbles despite upbeat quarterly results

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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