Upstart slides after Q2 forecast fails to impress investors

Consumer lender Upstart's UPST.O shares plunge as much as 17.5%; last down 11.1% at $45.72

UPST late Tuesday forecast Q2 revenue to be about $225 million, compared with Wall Street expectations of $223.73 million, per data compiled by LSEG

Citizens JMP Securities says the "in-line Q2 outlook and unchanged full-year guidance suggest that the second-half outlook is below Street forecasts," which may have disappointed investors

Morgan Stanley views the share price decline "primarily as a function of a high bar" for a stock that's heavily shorted and trading at a meaningful premium to peers

Says softer Q2 outlook coupled with reiterated full-year forecast despite higher interest income "weren't enough to clear elevated investor expectations"

6 of 14 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell"; median PT $53 - data compiled by LSEG

As of last close, UPST down 16.5% YTD