Upstart Holdings (UPST -0.94%) has been on fire this week. The fintech lending disruptor released its latest results on Tuesday and the stock climbed by about 25% on the numbers, which absolutely blew past analyst expectations and the company's own guidance.
It doesn't look like the good times are over yet. Upstart is rising yet again on Friday. As of 1 p.m. EDT Friday, Upstart had gained about 12% and reached a new all-time high during the trading session, smashing through the $200 barrier for the first time. Keep in mind that this is a company that went public at an IPO price of just $20 per share in December.
The reason for today's move appears to be fueled by an analyst upgrade. Specifically, Barclays just raised Upstart's rating from equal weight to overweight. The firm also dramatically increased its price target on the fintech disruptor from $130 to $230. That's a big vote of confidence.
To be sure, it's important for investors to take analyst upgrades with a big grain of salt. When an analyst upgrades a stock or raises its price target, it does absolutely nothing to change the underlying business.
Having said that, this is just the latest in a wave of positive sentiment on the fintech lender, and it's not difficult to see why. Not only did Upstart shatter expectations on both the top and bottom lines in its recent earnings report, but it is also expecting the good times to continue. Upstart's own guidance now calls for about $750 million in revenue this year, a big increase from the $600 million figure Upstart shared just three months ago (which itself had already been increased from a $500 million projection).