Upstart Holdings Stock Tanks 10% After Wedbush Downgrades To Underperform

Shares of Upstart Holdings, Inc. (UPST) slipped over 10% after Wedbush downgraded the stock to underperform from neutral.

UPST is currently trading at $113.22, down $12.62 or 10.03%, on the Nasdaq. The stock has traded between $75.15 and $401.49 in the 52-week period. The stock has slipped nearly 25% in the year-to-date period.

Wedbush Securities analyst David Chiaverini downgraded the stock to Underperform from Neutral. Delinquency trends on recent 2021 vintage securitizations appear to be deteriorating at a faster pace than 2018, 2019, and 2020 vintages, he said in a note to clients.

Price target was lowered to $75 from $110.

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