---
title: "Upstart创始人逆势买入765万美元自家股票,一股未卖"
description: "该股10月14日触及22.54美元的52周低点,年内累计下跌约45%。过去六个月,两位联合创始人只买不卖;总裁、首席财务官和首席法务官只卖不买。空头持仓已占流通股的三分之一,静待11月3日财报揭晓。"
publisher: "The Inference"
section: "Markets"
published: 2026-10-15T22:35:40.368Z
modified: 2026-10-15T22:35:40.368Z
canonical: https://theinference.org/article/upstart-s-founders-bought-7-65-million-of-its-falling-stock-and-sold-nothing/zh-CN
language: zh-CN
keywords: "Upstart, Insider Trading, Short Interest, Consumer Lending, Earnings"
---

# Upstart创始人逆势买入765万美元自家股票,一股未卖

> 该股10月14日触及22.54美元的52周低点,年内累计下跌约45%。过去六个月,两位联合创始人只买不卖;总裁、首席财务官和首席法务官只卖不买。空头持仓已占流通股的三分之一,静待11月3日财报揭晓。

[戴夫·吉鲁阿尔](https://theinference.org/markets/people/dave-girouard)与[保罗·古](https://theinference.org/markets/people/paul-gu)创立[Upstart](https://theinference.org/markets/companies/upstart),用机器学习模型而非单看信用评分来审批消费贷款,这家纳斯达克上市公司的股票也因此成为“AI+金融”市场情绪的风向标。过去六个月的[Form 4文件——美国证券交易委员会(SEC)的内部人交易记录](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001647639)显示,两位创始人正在逢低买入自家股票:董事长吉鲁阿尔买入17.024万股,估计耗资500万美元;首席执行官古买入10万股,耗资265万美元。两人合计卖出为零[1]。上半年,Upstart公司自身还斥资1.0006亿美元回购股票[2]。

## 创始人之下,高管只卖不买

公司其余高管的动向恰恰相反:六个月内公开市场卖出22笔,买入仅4笔。总裁[桑贾伊·达塔](https://theinference.org/markets/people/sanjay-datta)分八次卖出16.178万股,估计套现453万美元;首席财务官[安德烈娅·布兰克迈耶](https://theinference.org/markets/people/andrea-blankmeyer)与首席法务官[斯科特·达林](https://theinference.org/markets/people/scott-darling)亦有卖出[1]。内部人卖出可能是为缴税或分散持仓,零星买入同样说明不了什么[2]。但按职级划分的买卖分野,仍是记录在案的事实。

*Chart: **创始人买入765万美元;总裁、首席财务官与首席法务官卖出549万美元** Upstart内部人交易六个月柱状图:创始人吉鲁阿尔与古为买入(正值柱),达塔、布兰克迈耶和达林为卖出(负值柱)。*

*据Quiver Quantitative数据,截至2026年10月初的六个月内,公开市场Form 4交易的估计金额;正值柱为买入,负值柱为卖出。 [1]*

## 放贷机器照常运转

[Upstart 10月5日披露的第三季度贷款发放初步数据](https://www.tikr.com/blog/upstart-stock-sits-about-7-above-its-52-week-low-as-q3-originations-top-4-1-billion-time-to-sell-or-load-up?.tsrc=rss)显示,当季发放贷款41.178亿美元,高于上年同期的约29亿美元,较第二季度的42.272亿美元回落2.6%[2]。营业收入已连续五个季度增长,2026年第二季度升至3.647亿美元[3]。信贷市场的大门依然敞开:9月28日,[评级机构KBRA对Upstart第52笔证券化交易中的4亿美元票据授予初步评级](https://finance.yahoo.com/markets/stocks/articles/kbra-assigns-preliminary-ratings-upstart-223600595.html),该笔交易对应5亿美元的贷款池,优先档票据的信用增级比例达65.3%[4]。

*Chart: **营收连续五个季度增长,升至3.647亿美元** Upstart季度营收柱状图:从2024年第三季度到2026年第二季度,营收由1.621亿美元升至3.647亿美元。*

*Upstart季度营收(单位:百万美元),数据来自美国证券交易委员会(SEC)文件,检索日期为2026年10月15日。 [7]*

## 三分之一的流通股站在空头一边

[截至9月15日,空头持仓占流通股的比例已达33.13%](https://www.quiverquant.com/news/Upstart+Holdings+Stock+Short+Interest+Rises+to+33.13%25),折合[2760万股](https://theinference.org/article/upstart-shorts-own-33-of-the-stock-bond-buyers-demanded-a-thicker-cushion-on-its-400-million-loan-deal),两周内增加6.56%[1]。二季度持仓文件显示,挪威央行减持91.8%,交易公司[Jane Street](https://theinference.org/markets/companies/jane-street)减持96.5%,[美国银行](https://theinference.org/markets/companies/bank-of-america)则增持198.9%[1]。宏观面同样偏向空头:[美联储9月16日加息25个基点](https://www.aljazeera.com/news/2026/9/16/what-to-know-about-us-federal-reserves-first-interest-rate-hike-in-3-years),利率升至3.75%至4.00%区间,为三年多来首次加息[5];10月5日,Upstart自有的宏观指数较正常经济水平高出49%[2]。

## 11月3日见分晓

Upstart 8月4日重申,2026年调整后EBITDA约为2.94亿美元。上半年已实现1.1737亿美元,若三、四季度均只达到二季度7691万美元的水平,全年将比这一目标少约2280万美元。华尔街给出的补缺办法是:三季度营业收入3.651亿美元,与二季度持平,四季度恢复增长[2]。古9月10日买入股票的加权平均价为25.55美元;该股[10月14日触及22.54美元的52周低点](https://ca.investing.com/news/stock-market-news/upstart-holdings-stock-hits-52week-low-at-2254-usd-93CH-4881002),而2025年年末,股价还停留在43.73美元[2][6]。11月3日的财报将给出答案:两位创始人到底是买早了,还是买错了。

## Takeaway

过去六个月,Upstart两位创始人趁股价下跌买入765万美元自家股票,而公司其他高管则在卖出;11月3日财报发布前,流通股已有三分之一被做空——这份财报将判定:创始人究竟是买早了,还是买错了。

## Sources

1. [Quiver Quantitative, "Upstart Holdings Stock Short Interest Rises to 33.13%", 7 October 2026](https://www.quiverquant.com/news/Upstart+Holdings+Stock+Short+Interest+Rises+to+33.13%25)
2. [TIKR, "Upstart Stock Sits About 7% Above Its 52-Week Low as Q3 Originations Top $4.1 Billion. Time to Sell or Load Up?", 11 October 2026](https://www.tikr.com/blog/upstart-stock-sits-about-7-above-its-52-week-low-as-q3-originations-top-4-1-billion-time-to-sell-or-load-up?.tsrc=rss)
3. [Upstart quarterly figures from its SEC filings, retrieved 15 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001647639)
4. [KBRA via Business Wire and Yahoo Finance, "KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-4", 28 September 2026](https://finance.yahoo.com/markets/stocks/articles/kbra-assigns-preliminary-ratings-upstart-223600595.html)
5. [Al Jazeera, "What to know about US Federal Reserve's first interest rate hike in 3 years", 16 September 2026](https://www.aljazeera.com/news/2026/9/16/what-to-know-about-us-federal-reserves-first-interest-rate-hike-in-3-years)
6. [Investing.com (Reuters), "Upstart Holdings stock hits 52-week low at 22.54 USD", 14 October 2026](https://ca.investing.com/news/stock-market-news/upstart-holdings-stock-hits-52week-low-at-2254-usd-93CH-4881002)
7. [Upstart, quarterly figures from its SEC filings, retrieved 15 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001647639)


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Upstart创始人逆势买入765万美元自家股票,一股未卖 — The Inference. Canonical: https://theinference.org/article/upstart-s-founders-bought-7-65-million-of-its-falling-stock-and-sold-nothing/zh-CN