Why Upstart Stock Is Falling Today
Shares of lending platform Upstart Holdings (NASDAQ: UPST) are starting the week of Nov. 7 the same way they ended last week: down. As of 10:53 a.m. ET, shares are down 5.1%, adding to last week's nearly 16% decline. That puts the company's shares down almost 21% the last day of October, and down 88% so far in 2022.
Today's sell-off comes ahead of the company's third-quarter results, which it will announce on Nov. 8 after market close.
Investors are increasingly concerned about Upstart's business results in the quarter it will report this week and in future quarters. In a Securities and Exchange Commission (SEC) filing, the company disclosed that it had terminated approximately 140 employees who "help process loan applications" on Nov. 1. Furthermore, the company wrote that the move was due to the "challenging economy and reduction in loans" being originated on its platform.
Source Fool.com
