Long time lurker here, with Upst as my second largest position. I am a bit surprised by the buyback announcement when they are trying to grow multiple lines of business.
For Auto, they are even planning to retain all of those loans for the next few quarters. With that, it feels a bit surprising that they are actively looking to buy back. The stock is clearly cheaper than ever, but I sense a bit of dissonance, given we are perhaps in the later stages of a credit cycle.
Would someone have a good sense for over how long they’re looking to deploy this cash. Anything less than a year feels aggressive, but beyond that is perhaps defensible.