Upstart Holdings, Inc. is a fintech company which uses artificial intelligence and machine learning to assess the creditworthiness of borrowers. It was founded in 2012 and went public through a direct listing on the NASDAQ stock exchange in December 2020.Since its IPO, Upstart’s stock price has been on a rollercoaster ride, reaching an all-time high of around $162 per share before plummeting to around $12 per share in recent months.It is yet to see a strong recovery to a new highThe company partners with banks and other financial institutions to offer personal loans, auto loans, and student loans to consumers. Upstart claims that its AI-driven approach can provide more accurate risk assessments and faster loan approvals than traditional underwriting methods.
UPST stock has seen a significant plunge in the past few months. Many media reports claim that it is due to the significant change in business prospects of the company. The company may see a loss in the next fiscal quarter. It may observe a momentum in the future.
The Downtrend Of UPST Stock Continues
UPST stock price has seen a strong fall in the past few months. It has seen a drop from $36 to $12.4 within a few months. The weekly technical chart of UPST suggests a weak consolidated momentum. On coming to the daily chart it is trading near $12.4 with a drop of 6% in the intraday session. The asset price upside trend can see a halt near $15. Meanwhile a bounceback can be expected from $10. It is trading below 50 and 100 Daily Moving Average and can see a negative crossover. This can push the price to a new low in future.
Conclusion
Upstart Holdings has seen a strong volatility in its price since the IPO. It has seen a strong fall but can soon move back to a new high. UPST stock price is currently in a downside trend and is expected to see a bounceback from $10.
Technical Levels
Major Support:$10
Major Resistance;$15
