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- Fintech lending platform Upstart Holdings (UPST +10.0%) surges on Thursday to new all-time highs after Jim Cramer pitches neo banks, saying they may serve as a good alternative if traditional banks miss Q3 earnings.
- The stock has climbed nearly 11% in just five sessions, and is up about 1,625% in the past year, according to the chart below.
- And while Cramer likes Upstart (NASDAQ:UPST), the stock has risen so much so quickly that he advises investors to wait for a pullback before getting into it.
- However, it appears most banks are rising after Citi (NYSE:C), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) beat Q3 earnings, and Upstart (UPST) is trading near session highs along with the financial sector (NYSEARCA:XLF) and most fintech stocks.
- In addition, this week, Upstart (UPST) partnered with Abound Credit Union to expand loan access in Kentucky.
- Some other fintech stocks that are moving higher on Thursday include: PayPal (PYPL +3.9%), LendingClub (LC +4.3%), Fiserv (FISV +3.3%), GreenSky (GSKY +1.1%), Global Payments (GPN +1.6%) and Rocket Companies (RKT +1.2%).
- Previously, (Oct. 6) Upstart launched an AI-enabled financing with auto-retail software.
