To me, it’s noteworthy that UPST hit $320 today, because it shows how one of Saul’s techniques can pay off.
In two days immediately after Q2 earnings, Aug 11 & 12, UPST was up big, trading in the $160 range, a massive jump from $135, and an even bigger move from a couple weeks earlier when it was in the $120 range.
On those days, it would’ve been tempting to say, “well, it’s up so much now that I’ve missed my chance to buy” or, “it’ll probably correct after such a large bump, so I’ll wait for that to happen before buying more.”
But to my recollection, this isn’t what Saul was thinking. I think actually bought more shares, recognizing that the surprising growth of the company was far more important than the short term move. And he wasn’t discouraged from buying just because he’d bought shares in the 80s only a few months prior.
This is consistent–Saul doesn’t hesitate to average up when the situation seems to merit it. And, he’s been rewarded for with a double less than a month and a half later. So, I think $320 is a noteworthy validation of that strategy.
WILMINGTON, Del. and SAN MATEO, Calif., Sept. 21, 2021 (GLOBE NEWSWIRE) – WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced it has launched a digital personal loans product powered by Upstart, (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform. WSFS’s partnership with Upstart expands the Bank’s personal loan offerings to a wider, more inclusive Customer base while diversifying its business and creating more digital-friendly Customer experiences.
As of June 30, 2021, WSFS Financial Corporation had $15.1 billion in assets on its balance sheet and $26.7 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices
As of June 30, 2021, WSFS Financial Corporation had $15.1 billion in assets on its balance sheet and $26.7 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices
WSFS is one of 64 banks that have assets of $10B – $20B. This is 1.5% penetration of this group of banks. As of today, UPST has a 0.5% market share of the U.S. bank population. When you consider credit unions too, this is a much smaller percentage. Major opportunities for additional sales to financial institutions of various sizes and price growth for UPST. Just wait until they land a major bank!!