Upstart Soars 8.39% on JPMorgan Upgrade as $830M Volume Ranks 123rd in Market Activity

Upstart Holdings (NASDAQ: UPST) surged 8.39% on August 22, 2025, with a trading volume of $830 million—a 358.84% increase from the previous day—ranking 123rd in market activity. The rally was driven by a strategic upgrade from JPMorgan, which elevated the stock to "Overweight" from "Neutral" with a revised price target of $88. This move underscored renewed confidence in Upstart’s AI-driven lending model amid stable credit trends.

CEO Dave Girouard’s participation in the upcoming Goldman Sachs conference further highlighted the company’s strategic positioning in the fintech sector. Meanwhile, a new partnership with ABNB Federal Credit Union expanded Upstart’s reach in financial marketplaces, reinforcing its growth narrative. The firm also announced a $100 million increase in its 0% convertible note offering, aiming to strengthen corporate liquidity and explore debt repurchases.

Financially, Upstart reported a $5.61 million net income gain despite challenging operational conditions, including a -2.6% EBIT margin. While short-term profitability remains under pressure, the company’s five-year revenue growth of 32.56% signals long-term potential. Strategic capital raises and debt management efforts are seen as critical to navigating market volatility.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to 2025 yielded a 6.98% compound annual growth rate, with a maximum drawdown of 15.59%. The approach showed steady returns but emphasized the need for risk management, particularly during the mid-2023 downturn, when high-volume strategies faced significant declines.