Upstart Holdings (NASDAQ: UPST) fell and couldn't get up on the first trading day of the week. In the wake of Upstart's discouraging second quarter, in which the fintech not only missed on the top and bottom lines but also disappointed on guidance, most analysts making post-earnings adjustments cut their price targets.
Upstart Holdings (NASDAQ: UPST) has become one of the more notable disappointments in the current bear market. Upstart derives nearly all of its revenue from its loan evaluation tool. The company got its start evaluating personal loans, but it has since expanded into auto loans.
Upstart Holdings' (NASDAQ: UPST) stock price tumbled 12% on Aug. 9 after the online lending company posted its second-quarter earnings report. Instead, it acts as an intermediary for its lending partners, which then fund the actual loans and pay Upstart fees for accessing its platform.