UPSTART HLDGS INC UPST
COM · Common Stock · CUSIP 91680M107 · ISIN US91680M1071
- SectorFinancials
- IndustryFinance Services
- HeadquartersBurlingame, CA
- Founded2012
- Websiteupstart.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.5m this quarter). Holder counts are more reliable. Shares outstanding: 96.2m as of 2025-07-29, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $64.67. Options: 42 managers hold calls ($809.1m notional), 37 hold puts ($640.5m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 305 |
| Q4 2022 | 267 |
| Q1 2023 | 265 |
| Q2 2023 | 303 |
| Q3 2023 | 291 |
| Q4 2023 | 335 |
| Q1 2024 | 278 |
| Q2 2024 | 276 |
| Q3 2024 | 350 |
| Q4 2024 | 394 |
| Q1 2025 | 389 |
| Q2 2025 | 424 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 136 | 130 |
| Q4 2023 | 156 | 124 |
| Q1 2024 | 113 | 184 |
| Q2 2024 | 133 | 116 |
| Q3 2024 | 181 | 113 |
| Q4 2024 | 199 | 168 |
| Q1 2025 | 214 | 151 |
| Q2 2025 | 226 | 170 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $590.8m | $585.8m | 0.99 |
| Q4 2024 | $1.1bn | $1.4bn | 1.24 |
| Q1 2025 | $573.9m | $559.0m | 0.97 |
| Q2 2025 | $809.1m | $640.5m | 0.79 |
Biggest buyers
| Jericho Capital Asset Management L.P. | New | +3.7m |
| Contour Asset Management LLC | New | +1.4m |
| Altshuler Shaham Ltd | New | +975.0k |
| MANE GLOBAL CAPITAL MANAGEMENT LP | New | +673.7k |
| Squarepoint Ops LLC | Added | +585.1k |
| Rokos Capital Management LLP | New | +479.3k |
| Tidal Investments LLC | Added | +411.7k |
| WELLS FARGO & COMPANY/MN | Added | +290.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +277.3k |
| BlackRock, Inc. | Added | +258.4k |
Biggest sellers
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -1.5m |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -1.4m |
| Qube Research & Technologies Ltd | Reduced | -808.4k |
| TWO SIGMA ADVISERS, LP | Reduced | -774.2k |
| D. E. Shaw & Co., Inc. | Reduced | -571.1k |
| FRED ALGER MANAGEMENT, LLC | Reduced | -544.4k |
| GOLDMAN SACHS GROUP INC | Reduced | -513.8k |
| Trexquant Investment LP | Reduced | -431.5k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Reduced | -412.9k |
| Invesco Ltd. | Reduced | -405.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $139.4m2.2m shares |
| CITADEL ADVISORS LLC | Reduced | $119.2m1.8m shares |
| PEAK6 LLC | Added | $89.6m1.4m shares |
| IMC-Chicago, LLC | Reduced | $84.8m1.3m shares |
| JANE STREET GROUP, LLC | Reduced | $56.2m868.5k shares |
| WOLVERINE TRADING, LLC | Reduced | $48.3m761.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $30.6m472.4k shares |
| GROUP ONE TRADING LLC | Added | $27.8m429.2k shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | New | $24.9m385.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $22.7m350.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $140.5m2.2m shares |
| CITADEL ADVISORS LLC | Reduced | $58.2m899.9k shares |
| Squarepoint Ops LLC | Added | $53.3m824.1k shares |
| BARCLAYS PLC | Reduced | $52.2m807.8k shares |
| IMC-Chicago, LLC | Reduced | $48.4m748.8k shares |
| D. E. Shaw & Co., Inc. | Added | $31.7m490.0k shares |
| JANE STREET GROUP, LLC | Reduced | $30.7m474.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $24.1m373.2k shares |
| Twin Tree Management, LP | Reduced | $22.2m342.7k shares |
| Walleye Trading LLC | Added | $21.3m329.7k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
No one currently above 5% in the filings since 19 Dec 2024.
Fell to 5% or below in the last year: Jericho Capital Asset Management L.P. (0.0%, 2026-07-13), VANGUARD GROUP INC (0.0%, 2026-03-27), SUSQUEHANNA SECURITIES, LLC (4.6%, 2026-02-13)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 5 | $2.9m | $1.4m |
| Q4 2023 | 0 | — | 5 | $5.1m | $4.3m |
| Q1 2024 | 0 | — | 5 | $5.5m | $5.0m |
| Q2 2024 | 0 | — | 5 | $5.6m | $4.6m |
| Q3 2024 | 0 | — | 5 | $10.8m | $10.7m |
| Q4 2024 | 0 | — | 7 | $46.2m | $44.0m |
| Q1 2025 | 0 | — | 6 | $9.3m | $6.3m |
| Q2 2025 | 0 | — | 5 | $6.7m | $5.6m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-20 | Girouard Dave Chief Executive Officer, director | Sold plan | $2.5m41.7k shares |
| 2025-06-11 | Girouard Dave Chief Executive Officer, director | Sold plan | $2.5m41.7k shares |
| 2025-06-11 | Darling Scott Chief Legal Officer | Sold plan | $180.0k3.0k shares |
| 2025-06-03 | Darling Scott Chief Legal Officer | Sold plan | $369.2k7.4k shares |
| 2025-06-02 | Cooper Kerry Whorton Director · See Footnote | Sold plan | $23.5k500 shares |
| 2025-05-23 | Mirgorodskaya Natalia Officer | Sold plan | $59.2k1.3k shares |
| 2025-05-20 | Datta Sanjay Chief Financial Officer | Sold | $634.7k13.5k shares |
| 2025-05-20 | Darling Scott Chief Legal Officer | Sold | $316.3k6.7k shares |
| 2025-05-20 | Mirgorodskaya Natalia Officer | Sold | $35.9k764 shares |
| 2025-05-01 | Darling Scott Chief Legal Officer | Sold | $50.2k1.0k shares |
| 2025-04-29 | Darling Scott Chief Legal Officer | Sold | $50.3k1.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 8.3m $534.2m | Added +244.5k |
| BlackRock, Inc. 0.01% of their portfolio | 6.8m $437.8m | Added +258.4k |
| Jericho Capital Asset Management L.P. 3.15% of their portfolio | 3.7m $236.3m | New |
| STATE STREET CORP 0.01% of their portfolio | 2.1m $134.3m | Added +67.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.0m $130.0m | Added +73.6k |
| MORGAN STANLEY 0.01% of their portfolio | 1.7m $108.2m | Added +85.0k |
| Contour Asset Management LLC 2.93% of their portfolio | 1.4m $89.7m | New |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.3m $85.1m | Reduced -513.8k |
| TWO SIGMA INVESTMENTS, LP 0.15% of their portfolio | 1.3m $83.1m | Reduced -214.0k |
| Driehaus Capital Management LLC 0.66% of their portfolio | 1.3m $82.3m | Added +56.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.13% of their portfolio | 1.3m $81.8m | Added +277.3k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.3m $81.2m | Added +56.9k |
| FRED ALGER MANAGEMENT, LLC 0.35% of their portfolio | 1.2m $78.9m | Reduced -544.4k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.15% of their portfolio | 1.2m $77.3m | Reduced -2.3k |
| NORGES BANK 0.01% of their portfolio | 1.0m $67.8m | Added +61.8k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.24% of their portfolio | 1.0m $65.5m | Added +104.5k |
| Squarepoint Ops LLC 0.14% of their portfolio | 1.0m $65.4m | Added +585.1k |
| Altshuler Shaham Ltd 0.03% of their portfolio | 975.0k $987.0k | New |
| CAPITAL FUND MANAGEMENT S.A. 0.64% of their portfolio | 894.1k $57.8m | Added +39.9k |
| COATUE MANAGEMENT LLC 0.16% of their portfolio | 870.9k $56.3m | Unchanged |
| Invesco Ltd. 0.01% of their portfolio | 864.6k $55.9m | Reduced -405.8k |
| UBS Group AG 0.01% of their portfolio | 820.1k $53.0m | Added +62.1k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 784.7k $50.8m | Added +9.9k |
| Connor, Clark & Lunn Investment Management Ltd. 0.17% of their portfolio | 739.3k $47.8m | Added +62.2k |
| TWO SIGMA ADVISERS, LP 0.09% of their portfolio | 700.0k $45.3m | Reduced -774.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 690.1k $44.6m | Added +32.3k |
| MANE GLOBAL CAPITAL MANAGEMENT LP 1.98% of their portfolio | 673.7k $43.6m | New |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 652.8k $42.2m | Reduced -571.1k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 649.4k $42.0m | Reduced -29.6k |
| Tidal Investments LLC 0.27% of their portfolio | 629.3k $40.7m | Added +411.7k |
| BARCLAYS PLC 0.01% of their portfolio | 583.9k $37.8m | Reduced -148.1k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 1.47% of their portfolio | 583.0k $37.7m | Reduced -88.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.13% of their portfolio | 539.8k $34.9m | Reduced -412.9k |
| Nuveen, LLC 0.01% of their portfolio | 512.7k $33.2m | Added +97.8k |
| Man Group plc 0.07% of their portfolio | 511.9k $33.1m | Reduced -393.3k |
| Rokos Capital Management LLP 0.52% of their portfolio | 479.3k $31.0m | New |
| Pathstone Holdings, LLC 0.10% of their portfolio | 384.7k $24.9m | Reduced -2.7k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 370.0k $23.9m | Reduced -808.4k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 364.2k $23.6m | Added +290.7k |
| CITIGROUP INC 0.02% of their portfolio | 350.8k $22.7m | Reduced -278 |
| KADENSA CAPITAL Ltd 3.03% of their portfolio | 294.0k $19.0m | Reduced -118.1k |
| Aquatic Capital Management LLC 0.36% of their portfolio | 274.9k $17.8m | Added +88.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 273.0k $17.7m | Added +100.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 257.3k $16.6m | Added +16.1k |
| Sepio Capital, LP 1.18% of their portfolio | 256.1k $16.6m | Added +75.8k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 244.4k $15.8m | Added +103.2k |
| Jump Financial, LLC 0.19% of their portfolio | 239.0k $15.5m | Reduced -23.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 219.1k $14.2m | Added +46.5k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 214.2k $13.9m | Added +9.5k |
| Verition Fund Management LLC 0.08% of their portfolio | 204.7k $13.2m | Reduced -22.2k |
| Cubist Systematic Strategies, LLC 0.14% of their portfolio | 194.9k $12.6m | Added +163.0k |
| Hidden Lake Asset Management LP 5.96% of their portfolio | 187.3k $12.1m | Added +160.3k |
| Marex Group Ltd 0.22% of their portfolio | 182.7k $11.8m | Added +175.9k |
| Q Fund Management (Hong Kong) Ltd 6.18% of their portfolio | 173.7k $11.2m | New |
| J. Goldman & Co LP 0.35% of their portfolio | 170.7k $11.0m | Added +165.2k |
| Swiss National Bank 0.01% of their portfolio | 163.4k $10.6m | Added +4.3k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 161.2k $10.4m | Added +30.4k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.72% of their portfolio | 142.2k $9.2m | Added +72.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 140.2k $9.1m | Added +21.6k |
| Twin Tree Management, LP 0.22% of their portfolio | 132.1k $8.5m | Reduced -43.7k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 130.5k $8.4m | Added +13.2k |
| Y-Intercept (Hong Kong) Ltd 0.20% of their portfolio | 128.4k $8.3m | New |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 127.3k $8.2m | Reduced -1.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 122.7k $7.9m | Reduced -24.5k |
| Polar Asset Management Partners Inc. 0.20% of their portfolio | 122.4k $7.9m | New |
| MARSHALL WACE, LLP 0.01% of their portfolio | 111.2k $7.2m | New |
| Balyasny Asset Management L.P. 0.02% of their portfolio | 105.0k $6.8m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 98.7k $6.4m | Added +7.8k |
| Metavasi Capital LP 2.73% of their portfolio | 95.0k $6.1m | New |
| Legal & General Group Plc 0.00% of their portfolio | 93.1k $6.0m | Added +11.0k |
| Liontrust Investment Partners LLP 0.08% of their portfolio | 91.6k $5.9m | Reduced -69.8k |
| Brevan Howard Capital Management LP 0.06% of their portfolio | 91.3k $5.9m | Added +48.2k |
| Quantinno Capital Management LP 0.03% of their portfolio | 90.0k $5.8m | Added +23.5k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 89.7k $5.8m | Added +82.3k |
| Hillsdale Investment Management Inc. 0.21% of their portfolio | 89.4k $5.8m | Added +21.1k |
| HRT FINANCIAL LP 0.03% of their portfolio | 88.6k $5.7m | Added +40.9k |
| SG Americas Securities, LLC 0.02% of their portfolio | 83.8k $5.4m | Added +48.2k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 81.6k $5.3m | Added +76.7k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 78.6k $5.1m | Added +52.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 76.4k $4.9m | Added +332 |
| LPL Financial LLC 0.00% of their portfolio | 75.0k $4.8m | Reduced -18.7k |
| Nishkama Capital, LLC 0.76% of their portfolio | 72.0k $4.7m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 70.5k $4.6m | Added +10.0k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.12% of their portfolio | 70.2k $4.5m | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 68.0k $4.4m | Reduced -5.8k |
| G2 Investment Partners Management LLC 0.96% of their portfolio | 67.5k $4.4m | New |
| Royal Fund Management, LLC 0.45% of their portfolio | 64.9k $4.2m | Reduced -414 |
| Nebula Research & Development LLC 0.33% of their portfolio | 60.7k $3.9m | Added +51.7k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 58.2k $3.8m | Added +10.7k |
| ALGERT GLOBAL LLC 0.08% of their portfolio | 57.7k $3.7m | Added +505 |
| Edgestream Partners, L.P. 0.10% of their portfolio | 56.5k $3.7m | Reduced -17.6k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 52.8k $3.4m | Reduced -6.3k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 50.9k $3.3m | Reduced -45.8k |
| ExodusPoint Capital Management, LP 0.04% of their portfolio | 50.7k $3.3m | Reduced -45.4k |
| MetLife Investment Management, LLC 0.02% of their portfolio | 50.3k $3.3m | Added +3.8k |
| WOLVERINE TRADING, LLC 0.08% of their portfolio | 50.0k $3.2m | Added +17.5k |
| Parallax Volatility Advisers, L.P. 0.13% of their portfolio | 49.3k $3.2m | Reduced -50.1k |
| Schonfeld Strategic Advisors LLC 0.02% of their portfolio | 47.5k $3.1m | Reduced -80.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 47.2k $3.1m | Reduced -594 |
| Quadrature Capital Ltd 0.05% of their portfolio | 45.9k $3.0m | New |