'twas the losing congressional candidate’s staff coming to retrieve some computer gear. Having a garage sale?
Anyway, UPST now down pre-market. Trivia point: 10-day average daily volume is 20,810,545 which doesn’t mean too much in and of itself. But shares outstanding are just 84.8 million. And the float? 67.5 million. Add a dash of bitters, stir, and, VOILA! Volatility.
Down 6.5%. BTFD? The broken toy tells no secrets.
KC
Argh, I have visitors. One with facemask, for God’s sake. F’ing “tour bus” must have pulled in.
Later,
KC
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Road spikes planted a few miles out.
Problem solved!
Enjoy the weekend, and wtf with UPST.
Dreamer
Article on Seeking Alpha suggesting the ABS market is getting more difficult for UPST. KBRA is increasing expected loan losses. I can’t figure out how to paste a link as I’m using the SA app. Anyway, that is the apparent reason for UPST downdraft today.
AJ
I can absolutely buy into idea that UPST, AFRM, SOFI and others should have trouble with loans.
But that is more macro than specific to them, necessarily.
And you can make argument “yeah, but losses are worse with legacy FICO vs Upstart”.
Basically saying that the loans suck a bit less if they were utilized via Upstart.
So I see short-term FUD for next few months.
Stock could go to 100 and back to 20’s and neither would surprise me.
I would toe-dip in low-30s, and then probably in Nov or so, if economy issues seem set for a rebound in 2023, then I could see going bigger, if price still good.
Hard one to gauge over next 12 months.
Dreamer