Why Upstart Rocketed 35% Higher on Wednesday
Shares of fintech Upstart (NASDAQ: UPST) were rocketing higher today, up 34.3% as of 3:47 p.m. ET.
Upstart's stock had been down severely over the past year and is still more than 95% below its all-time highs set back in 2021. Coming into the report, the company's short interest as a percentage of shares outstanding was also still quite high at 27.4%. So, there was a fair amount of skepticism heading into this report.
However, Upstart's first-quarter earnings were surprisingly encouraging on several important fronts, meaning this surge may be the beginning of a recovery and not just a short-term short squeeze.
Source Fool.com
