I have not been able to post about this company due to the Motley Fool trading restrictions - now that I have a full position in place here is some info that I thought was interesting related to Dan Loeb’s Third Point Capital.
Third Point Capital (Dan Loeb) made a filing that it owned 12,181,222 shares of Upstart on December 15, 2020 - the filing was required as the company owned 10% or more of UPST. Then the quarterly 13G filed on Feb. 12th for the quarter ending Dec. 31st stated the fund owned 13,381,222 shares. This past weekend I saw the most recent filing from Third Point for the quarter ended March 31st - the fund still owned all 13,381,222 shares. If you look at a price chart for UPST for Q1 of this year you will see that the shares traded as high as $165 intraday on March 22nd and Third Point held all its shares. According to Whale Wisdom as of the end of Q1 Third Point had 11.38% of its fund invested in Upstart - its biggest holding. (We do not know if any shares have been sold since March 31st by Third Point.)
Whale Wisdom percent of fund invested in UPST (March 31)
Initial Third Point Position 12,181,222 shares
Additional Share Purchase Bringing total to 13,381,22w
May 14, 2021 13F filing
Link to holdings as of March 31 contained in May 14th filing (click on little box that says “filing”)
I made a lot of money investing around Loeb’s thesis for YAHOO! being a sum of the parts story which gave investors access to Alibaba on a pre-IPO basis. The quarterly numbers from this company were fantastic and the fundamentals as a pick 'n shovel play wonderful - thought the Loeb investment angle added to the story.
Frank - long UPST, see profile for all holdings