5 Rebounding Meme Stocks to Buy in August

1. Upstart Holdings, Inc. (NASDAQ:UPST)

Number of Hedge Fund Holders: 25  

Percentage Increase in Share Price Over Past Month as of August 10: 5% 

Upstart Holdings, Inc. (NASDAQ:UPST) owns and runs a cloud-based lending platform. The company posted earnings for the second quarter of 2022 on August 8, reporting earnings per share of $0.01, missing market estimates by $0.07. The revenue over the period was $228 million, up more than 17% compared to the revenue over the same period last year and missing market estimates by $7 million. The firm said it expected third quarter revenue of up to $246 million.  

On August 9, Stephens analyst Vincent Caintic maintained an Underweight rating on Upstart Holdings, Inc. (NASDAQ:UPST) stock and lowered the price target to $23 from $28, noting that the third quarter revenue guidance of the firm did not seem credible. 

At the end of the first quarter of 2022, 25 hedge funds in the database of Insider Monkey held stakes worth $100 million in Upstart Holdings, Inc. (NASDAQ:UPST), compared to 20 in the preceding quarter worth $1.3 billion.

In its Q1 2022 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and Upstart Holdings, Inc. (NASDAQ:UPST) was one of them. Here is what the fund said:

“Upstart Holdings, Inc. (NASDAQ:UPST) is an artificial intelligence (AI) and cloud-based lending platform. Upstart’s stock price has been very volatile, but its value has grown steadily. Last year, the company grew its revenue by over 250% organically, which materially exceeded our expectations. In addition, the company continues to generate robust free cash flow and is launching new products to expand its business. Upstart’s value has increased consistently since we first purchased it. Following our discipline, we have added to our position when its stock price has declined and its price to value ratio has improved, and we have reduced our stake when its stock price has risen faster than its value.”

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