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Benzinga
Benzinga
Business
Henry Khederian

Why Upstart Shares Are Falling

Shares of several companies in the broader technology sector, including Upstart Holdings Inc (NASDAQ:UPST), are trading lower as investors weigh Wednesday's Fed announcements and assess tapering outlook. Expected rate hikes for 2022 which could weigh on tech and growth stocks.

Upstart shares are also trading lower amid overall market weakness as omicron variant concerns weigh on stocks across the broader technology sector.

See Also: Jim Cramer Weighs In On Ford's Stock: 'I Don't Think It's Done Going Up'

Upstart Holdings provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform. The platform aggregates consumer demand for loans and connects it to the network of Upstart AI-enabled bank partners. The revenue of the company is primarily comprised of fees paid by banks.

Upstart has a 52-week high of $401.49 and a 52-week low of $22.61.

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