Upstart (UPST) Explodes 40% on Earnings Beat and Strong Guidance, Triggering Upgrade to 'Outperform'

StreetInsider2021-03-18

Upstart (NASDAQ: UPST) stock exploded over 40% in pre-open trading Thursday after the company reported strong results in its first financial results as a public company.The digital lending AI company ...

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Jessie8590
2021-03-19
Jessie8590
走宝了！
格桑花开琪
2021-03-19
格桑花开琪
妖

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On an adjusted basis, UPST said it earned $0.07 per share to top the market expectations of $0.02 per share. Revenue came in at $86.7 million, again higher than $73.5 million expected from the Street, and representing a y-o-y increase of 39%. Last year, the company made a profit of $0.10 per share.“We’re excited to share our financial results for the first time as a public company. Despite the COVID-19 pandemic, we delivered strong growth and profits in Q4 and for the full year 2020. This combination is rare among FinTechs and demonstrates the growing advantages of AI-based lending,” said Dave Girouard, CEO of Upstart. “We believe virtually all lending will be powered by AI in the future, and we’re in the earliest stages of helping our bank partners successfully navigate that transformation.”For the current quarter, UPST said it expects its revenue to continue growing at a rapid pace as it expects it to come in a range of $112 million to $118 million. Net income is projected between $7.8 million and $8.3 million. On an adjusted EBITDA basis, UPSt is looking to earn $14.6 million to $15.3 million.In separate news, Upstart announced a deal to acquire Prodigy Software as it looks to accelerate its efforts to offer AI-enabled auto loans through the tens of thousands of auto dealers nationwide.\"Our mission has always been to build the world’s best car buying experience, and for the majority of buyers today, that experience includes financing their vehicle. Upstart’s demonstrably better lending technology will enable us to deliver more affordable and transparent auto loans to millions of consumers through our dealer network,” Michia Rohrssen, CEO of Prodigy, said.JMP analyst Ronald Josey upgraded shares of Upstart to “Market Outperform” from “Market Perform” and set a $111 price target following 4Q20 results. Despite soaring stock in pre-open, the price target is reflecting higher projections following a strong quarter. “While we acknowledge shares are up 40% in after-hours trading following 4Q20 results and outlook - shares are trading at ~12x our 2022E EV/revenue - and valuation has kept us on the sidelines historically, we also believe the business is operating extremely well and coming out of 4Q20, we have greater confidence that Upstart’s AI-based credit decisioning platform and best-in-class user interface can extend its share of the $120 billion personal loan market and positions the company well to expand into the $625B auto loan market, among others,” Josey wrote in a memo sent to clients. 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