After presenting the balance of the second quarter, Upstart Holdings fell 34% on Wall Street and 35% its version Cedears.
On Tuesday, Upstart reported second-quarter revenue of $136 million., which represents a decrease of 40% compared to last year. The company also reported total fee revenue of $144 million, a 44% drop year-over-year. Thus the action fell 34% on Wall Street and 35% its version Cedears.
It should be noted that Upstart Holdings Inc, is a artificial intelligence lending platform which partners with banks and credit unions to provide consumer loans using non-traditional variables.
This company also issued guidance for the third quarter that includes anticipated revenue of approximately $140 million and a net loss of approximately $38 million.
According to data from Benzinga Pro, more than 20 million shares were traded in the sessioncompared to the stock’s 100-day average of just under 12 million.
Upstart gained the attention of short sellers and retail investors, and UPST is currently one of the top trending tickers on both Yahoo! Finance and StockTwits. According to Benzinga Pro, 36.23% of the available shares are being sold short.
Source: Ambito
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