Why Upstart Holdings Stock Jumped, Then Dropped, Friday
Lending platform company Upstart Holdings (NASDAQ: UPST) went public through the initial public offering (IPO) process in December 2020. After it reported its first quarterly earnings as a public company this week, shares soared. Today, the stock continued that move, rising as much as 12%, before giving up all of those gains. As of 10:30 a.m. EDT, shares had moved lower by more than 4%.
After a day of almost 90% gains, investors initially continued that run on Friday before the stock retreated. In its earnings report, the AI-driven lending platform company told investors that it was acquiring Prodigy Software, and gave guidance for the full year 2021. Investors loved what they heard, and today seems to be just taking a breather from such a sharp stock move.
Image source: Getty Images.
Source Fool.com
