Why did Upstart Holdings Stock Sink Today? CEO Sells Shares
Seeking Alpha2022-03-05
- Upstart Holdings(NASDAQ:UPST)stock dropped 14%in late Friday trading after the company's CEO, Dave Girouard,sold about 133Ksharesof the stock, according to a Form 4 filed late Thursday.
- The insider sale likely accounts for the large decline. Meanwhile, other financial and lending technology stocks were pressured as investors shed risk. Block(NYSE:SQ)isdown 6.9%, LendingClub(NYSE:LC)-8.1%, Paysafe(NYSE:PSFE)-5.8%, and Lightspeed Commerce(NYSE:LSPD)-8.5%.
- Less than a month ago, Upstart (UPST)stock surged after it announced better-than-expected Q4 earnings, strong guidance, and a $400M stock buyback.
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