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UPST Stock Price Rose 68% Monthly; Might Break Resistance of $72

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NASDAQ: UPST stock lost $7.49 of its trading price on the August 4 trading session; it opened trading at $68.16, lowering to $59.51 it hit a high of $68.21 and closed trading at $60.73 with an intraday trading volume of 13.574 Million.

In the 52 weeks time frame, the lowest trading price of UPST stock was $11.93, and its highest trading price was $72.58. Upstart Holdings, Inc.’s market capitalization is $5.02 Billion, and its shares’ average trading volume is 12.74 Million. 

In the past one week, UPST stock declined over 1.12%, and its annual price target was $22.93, which is around 62.23% less than the press time trading price. Despite intraday and weekly losses, UPST stock added 62.93% monthly and 121.58% yearly. 

There is a good chance that on the August 7, 2023 trading session, UPST stock might open 0.90% higher than its last trading prices. As per estimation, sellers were more active on August 4, which dragged the prices in a lower direction. 

UPST Stock Price Analysis

After analyzing the technical aspects of UPST stock, it is noted that if sellers tried to dominate buyers in coming sellers, then prices might fall below $60 and face immediate support at $57.80 and the next possible support of $52.53. 

In a different scenario, if buyers succeeded in maintaining and capturing their positions, then the price might surge in the upper direction, and UPST stock might face immediate resistance of $72.98. 

Source: UPST stock price chart from TradingView 

If the UPST price opts to break the nearest support, then the price will fall significantly. Still, there is a majority chance buyers will show their keen interest in the coming weeks. UPST stock is trading above the 50-day and 200-day exponential moving averages.

According to TradingView, 69.854 Million UPST shares are free-floating, and the remaining 12.817 Million shares are closely held by the company’s financial backers on the board of directors. 

As per relevant data, in 2021, the total number of employees working in Upstart Holdings, Inc. was 1.50k, but by the end of 2022, the company had increased its workforce and added 378 new members.

Upstart Holdings, Inc Earnings & Revenue 

In Q1 2023, Upstart Holdings, Inc. impressed its investors by reporting 3.21% more revenue than estimated figures. For the quarter estimated revenue was $99.72 Million, but it reported $102.93 Million. Despite the surprise in revenue, the company’s net income was -$129.25 Million, and its profit margin was -125.58%. 

Similarly, in the financial year 2022, Upstart reported 1.44% more revenue than estimated, but its net income was -$108.67 Million, and its profit margin was -12.90%. Earnings per share of the company reflected an impressive positive momentum of 43.11% compared to estimated figures.

Revenue to a profit conversion of Upstart Holdings, Inc. in 2022 includes 98% of gross profit, -12% of earnings before Interest, taxes, depreciation, and amortization (EBITDA), -14% of earnings before interest and taxes (EBIT) and -13% of net income. 

Technical Levels

Major Resistance: $72.98 

Major Support: $57.80 & $52.53 

Conclusion 

This recent decline in UPST stock is very likely an interim fall. There are chances that UPST stock price might surge in the coming sessions.

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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