Shares of Upstart (NASDAQ: UPST) fell more than 20% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2022. Adjusted earnings per share came in at -$0.24, which missed analysts’ consensus estimate of -$0.08 per share.
Sales decreased 31% year-over-year, with revenue hitting $157.23 million. This was also lower than the $169.4 million that analysts were looking for.
Looking forward, management now expects revenue for Q4 2022 to be in the range of $125 million to $145 million with an adjusted net loss of $40 million. For reference, analysts were expecting revenue of $185.32 million.
Is UPST a Buy, Sell, or Hold?
UPST has a Moderate Sell consensus rating based on one Buy, five Holds, and six Sells assigned in the past three months. The average UPST stock price target of $24.45 implies 28.41% upside potential.
