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Upstart Holdings (UPST) to Boost HFCU's Personal Lending Base
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Upstart Holdings (UPST - Free Report) , a leading artificial intelligence lending platform, has been chosen by the Heritage Financial Credit Union (“HFCU”) to expand personal loan offerings to a broader range of people.
HFCU is a community-driven credit union that operates in New York. In July 2023, it collaborated with Upstart to become an Upstart Referral Network lending partner with the objective of providing a modern and digital-first lending experience.
Under the latest agreement, the new personal loan offering, available on Upstart.com, can be availed by the applicants who meet HCFU's credit policies. Qualified applicants will receive tailored offers as they progress through the online member application and closing process. This collaboration will help HCFU expand its digital membership base.
This new addition to UPST’s client portfolio is expected to boost the volume of loan transactions on its platform. In the second quarter of 2023, the company witnessed a 30% increase in the volume of loan transactions, equating to an additional 43,000 new borrowers.
Upstart also observed a rise in the number of small-dollar loan borrowers, catering to applicants who do not qualify for regular personal loans. Furthermore, in the second quarter, the company expanded its presence in the auto retail lending business and is now operating 61 locations compared with the previous 39, with an expansion into 12 additional states. This expansion now covers more than 65% of the U.S. population.
Zacks Rank and Stocks to Consider
Upstart carries a Zacks Rank #3 (Hold) at present. Shares of the company have rallied 103.2% year to date.
The Zacks Consensus Estimate for NTES' third-quarter fiscal 2023 earnings has been revised upward by 10 cents to $1.57 per share in the past 30 days. For fiscal 2023, earnings estimates have increased by 35 cents to $6.54 per share in the past 60 days.
NetEase’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 24.54%. Shares of NTES have surged 38.4% year to date.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 8 cents to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 21 cents to $10.67 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 9.8%. Shares of NVDA have soared 201.5% year to date.
The Zacks Consensus Estimate for SPLK's third-quarter fiscal 2024 earnings has been revised upward by 34 cents to $1.73 per share in the past 60 days. For fiscal 2024, earnings estimates have increased by a penny to $3.78 per share in the past seven days.
Splunk’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 155%. Shares of SPLK have rallied 70.4% year to date.
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Upstart Holdings (UPST) to Boost HFCU's Personal Lending Base
Upstart Holdings (UPST - Free Report) , a leading artificial intelligence lending platform, has been chosen by the Heritage Financial Credit Union (“HFCU”) to expand personal loan offerings to a broader range of people.
HFCU is a community-driven credit union that operates in New York. In July 2023, it collaborated with Upstart to become an Upstart Referral Network lending partner with the objective of providing a modern and digital-first lending experience.
Under the latest agreement, the new personal loan offering, available on Upstart.com, can be availed by the applicants who meet HCFU's credit policies. Qualified applicants will receive tailored offers as they progress through the online member application and closing process. This collaboration will help HCFU expand its digital membership base.
Upstart Holdings, Inc. Price and Consensus
Upstart Holdings, Inc. price-consensus-chart | Upstart Holdings, Inc. Quote
This new addition to UPST’s client portfolio is expected to boost the volume of loan transactions on its platform. In the second quarter of 2023, the company witnessed a 30% increase in the volume of loan transactions, equating to an additional 43,000 new borrowers.
Upstart also observed a rise in the number of small-dollar loan borrowers, catering to applicants who do not qualify for regular personal loans. Furthermore, in the second quarter, the company expanded its presence in the auto retail lending business and is now operating 61 locations compared with the previous 39, with an expansion into 12 additional states. This expansion now covers more than 65% of the U.S. population.
Zacks Rank and Stocks to Consider
Upstart carries a Zacks Rank #3 (Hold) at present. Shares of the company have rallied 103.2% year to date.
Some better-ranked stocks from the broader technology sector are NetEase (NTES - Free Report) , NVIDIA (NVDA - Free Report) and Splunk . Currently, NetEase, NVIDIA and Splunk sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NTES' third-quarter fiscal 2023 earnings has been revised upward by 10 cents to $1.57 per share in the past 30 days. For fiscal 2023, earnings estimates have increased by 35 cents to $6.54 per share in the past 60 days.
NetEase’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 24.54%. Shares of NTES have surged 38.4% year to date.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 8 cents to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 21 cents to $10.67 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 9.8%. Shares of NVDA have soared 201.5% year to date.
The Zacks Consensus Estimate for SPLK's third-quarter fiscal 2024 earnings has been revised upward by 34 cents to $1.73 per share in the past 60 days. For fiscal 2024, earnings estimates have increased by a penny to $3.78 per share in the past seven days.
Splunk’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 155%. Shares of SPLK have rallied 70.4% year to date.