UPST Stock Surged Over 11% Intraday; Will it Break Resistance?

• UPST Stock rose over 18% in a week.
• According to Business Research Company, the global lending market will be worth $8682.26 billion in 2023.

On March 31, UPST(NASDAQ: UPST) stock trading volume soared over 50% compared to the previous trading session. Market capitalization is $1.293 billion.

The day before, UPST stock completed its trading session and closed at $14.19, and in the same trading session, the stock’s highest traded price was $14.49, and the lowest traded price was $13.63. 

Q1,Q2,Q3 and Q4 Financial of Upstart Holdings 

In the first quarter of 2022, Upstart Holdings’ revenue surpassed the estimated figure of $300.13 million. The reported revenue was $310.14 million. The company earned less revenue in the second quarter and registered 5.57% less than the estimated figures of $241.63 million. 

Although the third quarter followed the same path and reported 7.21% less revenue than the estimated figure,$169.44 million.In the last quarter of 2022 the company surprised with reported revenue at $146.91 million. Upstart Holdings estimated $100.14 million in revenue for its first quarter of 2023.

Major Technical Levels 

Resistance Level:$24.28 and $26.89

Support Level:$15.82 and $13.21

Upstart is an AI lending platform that has partnered with numerous bank and credit financial institutions. It has developed a lending infrastructure that provides students and business startups loans; it is designed with the aim of being easily accessible. The company was founded in 2013 by David Joseph Girouard, Anna Mongayt Counselman and Paul Gu.    

According to Upstart, its recently launched Upstart Macro Index or UMI will help the company estimate the macroeconomy’s impact on credit losses for unsecured personal loans powered by Upstart holdings. 

Upstart acquired Prodigy in March 2021 and invested in Tellar Finance during its venture funding round. Moreover, Upstart raised $144 million in seven rounds, and  The Progressive Corporation, Khosla Ventures, First Round Capital, First National Bank of Omaha, and several others majorly led the investment rounds. 

Summary 

In 2021 the entire financial market was under great troubles; but the lending industry helped the market regain its lost position. At that time stock lending companies such as SOFI Technologies and Upstart were almost trading at their verge. 

Lending company stocks might rally in the coming months. According to the Business Research Company, the global lending market grew from $7887.89 billion in 2022 to $8682.26 billion in 2023. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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