Why These 10 Firms Nosedived Today

6. Upstart Holdings, Inc. (NASDAQ:UPST)

Upstart Holdings declined by 9.65 percent on Wednesday to end at $46.44 apiece as investors brushed off its strong earnings performance during the quarter after a number of investment companies reduced their price targets for its stock.

On Wednesday, Needham & Company lowered its price target for Upstart Holdings, Inc.’s (NASDAQ:UPST) stock by a whopping 35 percent to $70 from $108 previously, while maintaining its “buy” recommendation.

The new price also marked a 50-percent upside from the company’s closing price on Wednesday.

Additionally, the company received a lower price target of $69 from Piper Sandler, or 34 percent lower than its previous price target of $105. The investment firm, however, maintained its “overweight” rating on the stock.

According to Piper Sandler, the overweight rating reflected its continued confidence in Upstart Holdings, Inc.’s (NASDAQ:UPST) despite the lower price target.

During the first quarter of the year, Upstart Holdings, Inc.’s (NASDAQ:UPST) narrowed its net loss by 96 percent to $2.4 million from $64.6 million in the same period last year.

Revenues expanded by 67.7 percent to $213 million from $127 million year-on-year.