Upstart Holdings, Inc. (NASDAQ: UPST) dropped 6.07% to $23.20 from the last trade closing price of $24.70 as the firm declared that its third quarter business and financial results for fiscal year 2022 would be posted after the market close on Tuesday, November 8, 2022. At 1:30 p.m. PT / 4:30 p.m. ET, Upstart will hold a conference call and live webcast. The third quarter 2022 results press release and investor presentation will be posted on Upstart’s investor relations website prior to the conference call.
On the other side, an AI-powered loan platform had its stock rise in last session despite seemingly no company-specific news. Instead, some investors may be viewing the company’s recent share price reductions as a potential purchasing opportunity.
Upstart’s stock has plummeted 73% in the last six months as investors have been concerned about the Federal Reserve’s aggressive interest rate rises in an attempt to curb inflation. Rising interest rates have hurt on the stock market in general, but they are particularly detrimental to Upstart since they force customers to spend less money and take out fewer loans.
However, it appears that some investors now believe that Upstart’s massive sell-off over the last six months has created an appealing chance to purchase some of the company’s shares.
The Atlantic Federal Credit Union, a community-chartered credit union serving the counties of Essex and Union in New Jersey, announced today that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members.
Chief Operations Officer for The Atlantic Federal Credit Union, Jason Reed stated that they are a credit union focused on offering high-quality service through digital automation, human help, and market-leading products. Upstart has successfully enabled their credit union to lend to a broader spectrum of borrowers via an all-digital platform driven by AI, and it is assisting us in meeting their lending goals.
The Atlantic Federal Credit Union has been an Upstart lending partner since September 2021 and is a member of the Upstart Referral Network. Qualified personal loan applicants on Upstart.com who meet The Atlantic’s credit policies will receive tailored offers as they seamlessly transition into an Atlantic Federal Credit Union-branded experience to complete the online member application and closing process using the Upstart Referral Network.
Upstart’s SVP of Lending Partnerships, Michael Lock added that they are thrilled to be collaborating with The Atlantic Federal Credit Union to bring a contemporary, all-digital personal loan experience to even more individuals. The Atlantic is employing Upstart’s AI lending technology through the Upstart Referral Network to assist new and existing members while extending access to affordable finance.