Upstart Holdings Inc (NASDAQ:UPST) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued strong guidance. Multiple analysts upgraded the stock following the print.

• Q4 Revenue: $218.96 million, versus estimates of $182.18 million

• Q4 Adjusted EPS: 26 cents, versus estimates for a loss of 4 cents

Total revenue was up 56% year-over-year. Total fee revenue increased 30% on a year-over-year basis. Upstart said it originated 245,663 loans in the quarter, up 68% year-over-year.

“In Q4 of 2024, our business grew dramatically across all product categories, delivered Adjusted EBITDA at levels not seen since the first quarter of 2022, and came within a whisker of returning to GAAP profitability,” said Dave Girouard, co-founder and CEO of Upstart.

“We launched into 2025 with unparalleled energy and optimism for the future of Upstart AI lending and the mission we’re on together.”

Outlook: Upstart expects first-quarter revenue of approximately $200 million versus estimates of $193.8 million, according to Benzinga Pro. The company anticipates first-quarter adjusted EBITDA of approximately $27 million.

Upstart sees full-year 2025 revenue of approximately $1 billion. The company anticipates full-year revenue fees of approximately $920 million.

Upstart noted that it will host an “Upstart AI Day” on May 14 to discuss the company’s technology, business model and strategy.

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Analyst Changes:

• Piper Sandler analyst Arvind Ramnani reiterated Upstart with an Overweight and raised the price target from $85 to $105.

• JPMorgan analyst Reginald Smith upgraded Upstart from Underweight to Neutral and raised the price target from $57 to $79.

• B. Riley Securities analyst Hal Goetsch upgraded Upstart from Neutral to Buy and raised the price target from $49 to $105.

• Needham analyst Kyle Peterson maintained Upstart with a Buy and raised the price target from $100 to $108.

• BofA Securities analyst Nat Schindler maintained Upstart with an Underperform and raised the price target from $33 to $39.

UPST Price Action: Upstart shares were up 23.9% at $83.40 at the time of publication Wednesday, according to Benzinga Pro.

Photo: Shutterstock.