RTTNews | Aug 11, 2021 10:53AM EDT

10:52 Wednesday, August 11, 2021 (RTTNews.com) - Shares of Upstart Holdings Inc. (UPST) are gaining over 24% on Wednesday morning after the online lending platform company reported a strong second-quarter results that trumped Wall Street view.

UPST is currently trading at $167.91, up $32.23 or 23.75%, on the Nasdaq, on a volume of 7.9 million shares, above the average volume of 4.7 million shares. In the 52 week period, the stock has traded between $22.61 and $191.89. The stock has surged over 365% in that time-frame.

The company's profit was $37.3 million or $0.39 per share compared to a loss of $6.2 million or $0.42 per share. Adjusted profit was $58.5 million or $0.62 per share, compared to last year's loss of $3.7 million or $0.25 per share.

The California-based company said its revenues grew to $194 million, compared to $17 million sales last year.

Wall Street analysts had a consensus earnings estimate of $0.25 per share on revenues of $157.76 million.

Moving forward, the company lifted its revenue guidance for fiscal 2021 to $750 million, from the prior guidance of $600 million. Analysts currently expect revenues of $601 million for the period. For the third quarter, the company expects revenues of $205 million to $215 million.

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