Why Upstart Stock Plummeted 45% This Week

It was a terrible week for the fintech Upstart Holdings (NASDAQ: UPST) as its stock price nose-dived nearly 50%. As of Friday at 10:45 a.m. ET, it was down 45.3% for the week, according to S&P Global Market Intelligence. At one point during the week, it was down as much as 49.3%. Even with the huge drop, Upstart is still up some 152% year to date.

The broader markets were mixed this week, as the S 500 fell 0.2%, the Dow Jones Industrial Average gained 0.7%, and the Nasdaq Composite dropped 1.5%, as of Friday morning.

Upstart, a fintech that deploys artificial intelligence (AI) to handle loan requests, had a dreadful year in 2022 when it got hit hard by the bear market. But it regained its mojo this year on improving macroeconomic conditions and a bullish technology market, among other factors. It was one of the best performers on the market, up over 300% at one point this year. 

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Source Fool.com