The partnership will allow faster integration of the Upstart platform into the existing services of financial institutions that already use NXTsoft’s APIs. Upstart shares closed 4.6% higher on Wednesday. (See Upstart stock chart on TipRanks) Upstart helps consumers get personal loans by connecting them to its banking and credit union partners. It uses variables such as employment and education to predict a consumer’s creditworthiness. NXTsoft connects fintech companies with credit unions and banks. It also provides data migration, data analysis, data security and data management services.
Piper Sandler analyst Arvind Ramnani recently reiterated a buy note on the stock and raised the price target from $ 143 to $ 152 (upside potential of 14.8%).
Senior Vice President of Lending Partnerships for Upstart, Michael Lock, said: “NXTsoft offers Upstart-powered banks and credit unions a proven approach to integrate our AI lending platform into their systems and flows. core work in order to accelerate the time to value and be in the market with a new offering for their clients.
In a research note to investors, Ramnani said Upstart’s AI solution is redefining the personal lending space and can cause similar upheavals in the auto industry.
Overall, the stock has a strong buy consensus rating based on 3 buys and 1 hold. The average Upstart analyst price target of $ 143.25 implies upside potential of 9% from current levels. The company’s shares have gained 324.6% in the past year.
According to TipRanks’ Smart Score scoring system, Upstart scores 8 out of 10, suggesting that the stock is likely to outperform market averages.
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