Pictet Asset Management Raises Upstart Holdings Stake Amid Institutional Interest

Pictet Asset Management SA, a renowned asset management firm, recently increased its stake in Upstart Holdings, Inc. (UPST) by 108.7% during Q1.

Upstart Holdings hasn’t only caught the attention of Pictet Asset Management. Other institutional investors including Norges Bank, Vanguard Group Inc., and BlackRock Inc. have also made adjustments to their positions in the company. This shows a growing interest among institutional investors in the potential of Upstart Holdings.

According to research firms, Upstart has been given a consensus rating of “Hold” with an average target price of $27.00. While the CEO of Upstart, Dave Girouard, recently sold 3,620 shares at an average price of $32.64, he still directly owns 76,293 shares valued at approximately $2.49M. This shows a continued confidence in the future of the company.

Upstart’s shares opened at $30.37 on Friday, showing a slight decrease from its 50-day moving average of $43.93 and a slight increase from its 200-day moving average of $27.78.

These large-scale investments in technology companies, including Texas Instruments (TXN) and Qualcomm (QCOM), demonstrate Pictet Asset Management’s confidence in the growth potential of the semiconductor industry. This could also indicate a shift in Pictet’s investment strategy, focusing more on the technology sector as it continues to rapidly evolve and present promising growth opportunities.