Upstart reports stockholder vote results

Published 05/23/2025, 05:56 PM
Upstart reports stockholder vote results

Upstart Holdings, Inc. (NASDAQ:UPST), a $4.3 billion market cap financial services company, reported the outcomes of its annual stockholder meeting held on May 23, 2025. According to InvestingPro data, the company’s stock has shown significant volatility, falling 38% over the past six months. The information, based on a recent SEC filing, details the voting results on several key proposals.

During the meeting, stockholders elected two Class II directors to the board. Peter Bernard received 42,901,568 votes for his election, with 1,507,558 withheld and 20,209,653 broker non-votes. Paul Gu was elected with 33,863,396 votes for, 10,545,730 withheld, and an identical number of broker non-votes.

The appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with a substantial majority. The firm received 64,025,401 votes for, 440,472 against, and 152,906 abstentions.

Additionally, the compensation of Upstart’s named executive officers was approved in an advisory vote. The proposal passed with 32,635,176 votes for, 11,605,654 against, and 168,296 abstentions, alongside 20,209,653 broker non-votes.

The filing did not disclose any further business conducted during the meeting. The press release statement from Upstart Holdings, Inc. serves as the source for this report. Analysts maintain a mixed outlook on UPST, with price targets ranging from $16.50 to $106.00. For deeper insights into Upstart’s financial health and future prospects, InvestingPro offers comprehensive analysis through its detailed Pro Research Reports, available for over 1,400 US stocks.

In other recent news, Upstart Holdings Inc . reported its first-quarter 2025 earnings, significantly surpassing expectations with an adjusted earnings per share (EPS) of $0.30, compared to the forecasted $0.17. The company’s revenue also exceeded projections, reaching $213 million against a forecast of $201.13 million. Despite these positive results, the stock experienced a decline in after-hours trading. Additionally, Upstart announced a $1.2 billion one-year forward flow agreement with Fortress, which is expected to account for about 10-11% of the full-year 2025 volume anticipated by analysts.

Needham reaffirmed its Buy rating for Upstart, setting a price target of $70, reflecting confidence in the company’s growth strategy and market position. Meanwhile, Citi analysts adjusted their price target for Upstart to $83 from $108, maintaining a Buy rating due to Upstart’s stable funding sources and credit performance. The revision was influenced by Upstart’s first-quarter results, which outperformed expectations in several key areas.

Furthermore, Upstart disclosed a new distribution agreement with Walmart (NYSE:WMT)’s OnePay and confirmed a recent $320 million asset-backed securities (ABS) deal. The company’s introduction of new AI techniques in its lending model highlights its commitment to innovation in the financial technology sector. These developments underscore Upstart’s ongoing efforts to expand its offerings and strengthen its market presence.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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