Why Upstart Holdings Stock Dropped 15% in April
Lending platform company Upstart Holdings (NASDAQ: UPST) didn't have as volatile a month in April as it did the month before. Shares soared 90% in a single day after Upstart reported its first financial update as a public company in mid-March. But things settled down in the month of April, as shares moved 15.4% lower according to data provided by S&P Global Market Intelligence.
One reason for the monthly decline was likely just investors taking a breather after the March surge. Another was the announcement the company made on April 6 that it was going to raise capital by offering 2 million new shares of common stock. Upstart shares dropped almost 13% the following day to about $126 per share. Two days later, the company said it would price its stock offering at $120.
Source Fool.com
