My guess is some of the recent share price movement in Upstart can be attributed to two SEC filings.
- On Monday November 15th Dan Loeb, Third Point Capital, stated in an SEC filing he had sold over 2 million UPST shares leaving Third Point with 10.25 million shares.
Link to filing:
https://www.sec.gov/Archives/edgar/data/1040273/000156761921…
- Today, minutes after the market closed, Upstart filed a change to its board of directors stating that Robert Schwartz resigned from the Upstart board effective November 15th. He is a managing partner at Third Point.
Mr. Schwartz has served as a member of our board of directors since June 2015. Since June 2000, Mr. Schwartz has been Managing Partner of Third Point Ventures, the Menlo Park, California based venture capital arm of Third Point LLC, which is a registered investment adviser based in New York and the investment manager of the Third Point Funds. He previously served on the board of Apigee (APIC) and the board of Enphase Energy until 2016. Previously, for 23 years, Mr. Schwartz was the President of RF Associates North, a privately held communications semiconductor manufacturer’s representative firm. Mr. Schwartz holds a multi-discipline engineering degree from the University of California, Berkeley.
Link to filing.
https://ir.upstart.com/node/7376/html
At least I have a sense why all the recent selling.
Frank - long UPST, see profile for all holdings