<p><strong>Upstart</strong>(UPST -0.29%) 的股票在九月份回落，顯示出其貸款的違約率可能上升的跡象。</p>
<p>雖然 Upstart 沒有直接發佈報告，但投資者對第三方市場研究和其他似乎顯示其貸款表現不佳的消息作出了反應。考慮到經濟疲軟的其他跡象，包括勞動力市場的急劇放緩，這一結論也顯得合理。</p>
<p>投資者可能也對 2022 年的重演感到擔憂，當時股票因增長停滯而暴跌，利潤轉為虧損，儘管那是由於利率上升所致，而現在並沒有發生這種情況。包括 BNPL 領域在內的其他金融科技股票上個月也因信用風險上升的跡象而回落。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU5NzYvdXBzdGFydC1maW50ZWNoLWxvYW4tYXBwcm92YWwuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU5NzYvdXBzdGFydC1maW50ZWNoLWxvYW4tYXBwcm92YWwuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>根據 S&amp;P Global Market Intelligence 的數據，到月底，Upstart 的股價下跌了 31%。從下面的圖表可以看出，下降的主要部分發生在月底。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ec7d803e56dacb019fb2e7e867639dcf.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ec7d803e56dacb019fb2e7e867639dcf.png"/></p>
<p>UPST 數據來源於 YCharts</p>
<h2>投資者對 Upstart 持懷疑態度</h2>
<p>低收入美國人的信用狀況惡化，作為 Upstart 的核心市場，似乎是上個月拋售的主要原因。</p>
<p>Upstart 本月最糟糕的一天是 9 月 10 日，股價在高成交量下下跌了 9.4%。觸發因素似乎是 Tricolor Holdings 的破產，這是一家以向沒有信用的借款人提供貸款而聞名的二手車經銷商。欺詐行為也在破產中發揮了作用。儘管該公司與 Upstart 沒有直接聯繫，但破產似乎對信用市場產生了廣泛影響，影響了像 Upstart 這樣的波動性股票。</p>
<p>該股票在 9 月 17 日因美聯儲降息而恢復了這些損失。然而，隨着對信用狀況惡化的擔憂再次出現，股價開始下滑。</p>
<p>在 9 月 29 日，BTIG 發佈報告稱對 Upstart 資產支持證券違約率的增加感到驚訝，股價下跌了 8%，儘管分析師在兩天後修正了他們的數字，基本上撤回了之前的評論。這幫助股價在 10 月初上漲了 2.6%。</p>
<h2>Upstart 的未來如何？</h2>
<p>此時，很難説變化的信用市場對公司產生了怎樣的影響，因為我們還沒有直接聽到 Upstart 的消息。管理層在 9 月 9 日參加了 <strong>高盛</strong> 的會議，但似乎沒有對信用或違約的任何重大變化發表評論。</p>
<p>在月底，汽車零部件製造商 First Brands 也申請了破產，進一步加劇了對汽車貸款違約的擔憂。</p>
<p>目前，Upstart 的拋售似乎為時尚早，因為第二季度的業績強勁，第三季度的指引也很好。如果業務在第三季度保持穩定，股價可能會反彈。</p>

UPST

<p>Upstart 的股票在九月份下跌了 31%，原因是其貸款的逾期率上升，這受到第三方研究和經濟疲軟的影響。特里科洛爾控股公司的破產加劇了人們的擔憂，影響了信用市場。儘管在美聯儲降息後，股票短暫反彈，但在其資產支持證券的逾期率上升的報告發布後再次下跌。儘管面臨這些挑戰，Upstart 在第二季度的強勁業績表明，如果第三季度保持穩定，可能會出現反彈</p>

<p>Shares of <strong>Upstart</strong>(UPST -0.29%) pulled back in September on signs that delinquency rates on its loans could be rising.</p>
<div class="lb-trans"><p><strong>Upstart</strong>(UPST -0.29%) 的股票在九月份回落，顯示出其貸款的違約率可能上升的跡象。</p>
</div><p>There was no direct report from Upstart, but investors reacted to third-party market research and other news that seemed to show poor performance in its loans. That conclusion also makes sense given other signs of a weakening economy, including a sharp slowdown in the labor market.</p>
<div class="lb-trans"><p>雖然 Upstart 沒有直接發佈報告，但投資者對第三方市場研究和其他似乎顯示其貸款表現不佳的消息作出了反應。考慮到經濟疲軟的其他跡象，包括勞動力市場的急劇放緩，這一結論也顯得合理。</p>
</div><p>Investors may also be wary of a repeat of 2022, when the stock crashed as its growth ground to a halt and profits flipped to losses, though that was driven by rising interest rates, which is not what's happening now. Other fintech stocks, including those in the BNPL sector, pulled back on signs of rising credit risk last month as well.</p>
<div class="lb-trans"><p>投資者可能也對 2022 年的重演感到擔憂，當時股票因增長停滯而暴跌，利潤轉為虧損，儘管那是由於利率上升所致，而現在並沒有發生這種情況。包括 BNPL 領域在內的其他金融科技股票上個月也因信用風險上升的跡象而回落。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU5NzYvdXBzdGFydC1maW50ZWNoLWxvYW4tYXBwcm92YWwuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835976%2Fupstart-fintech-loan-approval.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>By the end of the month, Upstart had fallen 31%, according to data from S&amp;P Global Market Intelligence. As you can see from the chart below, the bulk of the decline came toward the end of the month.</p>
<div class="lb-trans"><p>根據 S&amp;P Global Market Intelligence 的數據，到月底，Upstart 的股價下跌了 31%。從下面的圖表可以看出，下降的主要部分發生在月底。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ec7d803e56dacb019fb2e7e867639dcf.png" alt="" original-src="https://media.ycharts.com/charts/ec7d803e56dacb019fb2e7e867639dcf.png"/></p>
<p>UPST data by YCharts</p>
<div class="lb-trans"><p>UPST 數據來源於 YCharts</p>
</div><h2>Investors turn skeptical on Upstart</h2>
<div class="lb-trans"><h2>投資者對 Upstart 持懷疑態度</h2>
</div><p>The deteriorating credit picture for low-income Americans, a core market for Upstart, seemed to be the main reason for the sell-off last month.</p>
<div class="lb-trans"><p>低收入美國人的信用狀況惡化，作為 Upstart 的核心市場，似乎是上個月拋售的主要原因。</p>
</div><p>Upstart's worst day of the month came on Sept 10, as it fell 9.4% on high volume. The trigger seemed to be the bankruptcy of Tricolor Holdings, a used-car dealer known for lending to borrowers with no credit. Fraud also played a role in the bankruptcy. Though the company isn't directly connected to Upstart, the bankruptcy seemed to weigh on credit markets broadly, impacting volatile stocks like Upstart.</p>
<div class="lb-trans"><p>Upstart 本月最糟糕的一天是 9 月 10 日，股價在高成交量下下跌了 9.4%。觸發因素似乎是 Tricolor Holdings 的破產，這是一家以向沒有信用的借款人提供貸款而聞名的二手車經銷商。欺詐行為也在破產中發揮了作用。儘管該公司與 Upstart 沒有直接聯繫，但破產似乎對信用市場產生了廣泛影響，影響了像 Upstart 這樣的波動性股票。</p>
</div><p>The stock recovered those losses, benefiting from the Federal Reserve's rate cut on Sept. 17. However, the stock began sliding after that as concerns about weakening credit arose again.</p>
<div class="lb-trans"><p>該股票在 9 月 17 日因美聯儲降息而恢復了這些損失。然而，隨着對信用狀況惡化的擔憂再次出現，股價開始下滑。</p>
</div><p>On Sept. 29, the stock fell 8% after BTIG issued a note saying it was surprised by the increase in delinquencies in Upstart's asset-backed securitizations, though the analyst corrected their figure two days later, essentially retracting the earlier comment. That helped the stock gain 2.6% to start October.</p>
<div class="lb-trans"><p>在 9 月 29 日，BTIG 發佈報告稱對 Upstart 資產支持證券違約率的增加感到驚訝，股價下跌了 8%，儘管分析師在兩天後修正了他們的數字，基本上撤回了之前的評論。這幫助股價在 10 月初上漲了 2.6%。</p>
</div><h2>What's next for Upstart?</h2>
<div class="lb-trans"><h2>Upstart 的未來如何？</h2>
</div><p>At this point, it's difficult to say how the changing credit markets are impacting the company, as we haven't heard directly from Upstart. Management participated in a <strong>Goldman Sachs</strong> conference on Sept. 9, but didn't seem to comment on any material changes in credit or delinquencies.</p>
<div class="lb-trans"><p>此時，很難説變化的信用市場對公司產生了怎樣的影響，因為我們還沒有直接聽到 Upstart 的消息。管理層在 9 月 9 日參加了 <strong>高盛</strong> 的會議，但似乎沒有對信用或違約的任何重大變化發表評論。</p>
</div><p>Toward the end of the month, First Brands, an auto-parts maker, also filed for bankruptcy, adding to fears about auto loan delinquencies.</p>
<div class="lb-trans"><p>在月底，汽車零部件製造商 First Brands 也申請了破產，進一步加劇了對汽車貸款違約的擔憂。</p>
</div><p>For now, the sell-off in Upstart seems premature as second-quarter results were strong and so was guidance for the third quarter. If the business held up in the third quarter, the stock could be due for a rebound.</p>
<div class="lb-trans"><p>目前，Upstart 的拋售似乎為時尚早，因為第二季度的業績強勁，第三季度的指引也很好。如果業務在第三季度保持穩定，股價可能會反彈。</p>
</div>

Why Upstart Stock Lost 31% in September

- Upstart 股價在 9 月下跌 31%，因貸款逾期率上升的跡象。  
- 投資者對低收入美國人的信用狀況惡化表示擔憂，導致拋售。  
- 儘管面臨挑戰，Upstart 第二季度業績強勁，第三季度前景樂觀。

為什麼 Upstart 的股票在九月份下跌了 31%