Why Shares of Upstart Are Gaining Ground Today
Shares of the artificial intelligence lending company Upstart (NASDAQ: UPST) rose today along with most fintech and tech stocks, despite receiving a bearish rating from Wall Street. The stock is trading roughly 7.8% higher as of 10:40 a.m. ET today.
Tech stocks bounced this morning as investors awaited more key earnings reports that would give them greater insight into how the sector is faring in the high-interest-rate environment that is also still dealing with high levels of inflation.
But the company also received some negative sentiment from the Street. Mizuho Financial Group analyst Dan Dolev initiated coverage on Upstart with an underperform rating and a $17 price target, which implies downside from the company's current stock price.
Source Fool.com
