Why Shares of Upstart Are Down Today

Shares of the artificial intelligence lender Upstart Holdings (NASDAQ: UPST) traded nearly 9% lower as of 2:40 p.m. ET after receiving some negative sentiment from Wall Street. Atlantic analyst Simon Clinch in a research note today maintained his overweight rating on Upstart stock but lowered his price target to $170 per share, which still implies significant upside from Upstart's current price of around $88. Clinch in his note attributed the lower price target to "a potentially new backdrop of hostility toward growth stock multiples."