Why Upstart Stock Soared 209% in 2023
After collapsing in 2022, shares of Upstart (NASDAQ: UPST) were on the rebound last year, jumping 209%, according to data from S&P Global Market Intelligence.
The artificial intelligence (AI)-based consumer lending company benefited from a more resilient performance from the economy than expected, an increasing premium on AI technology, and expectations that interest rates could start falling this year. A short squeeze also seemed to help drive the stock higher.
As you can see from the chart, Upstart's gains primarily came between its first-quarter earnings report in May and its second-quarter earnings report in August. After falling sharply on the Q2 report, the stock rebounded at the end of the year on signs that interest rates would fall in 2024.
Source Fool.com
