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Why Upstart, Block, and Lemonade Swooned Again Today
Shares of Upstart (NASDAQ: UPST), Block (NYSE: SQ), and Lemonade (NYSE: LMND) were down big again on Monday, down 10.7%, 7%, and 8.1%, respectively on the day. While each of these companies is slightly different in what they do — Upstart uses artificial intelligence to underwrite consumer loans, Block is a payments processor, lender, and consumer broker and digital wallet, and Lemonade is a digital insurance brokerage — each is a type of high-growth fintech stock. Fintechs benefited over the past few years as the interest rate environment was amenable to high-growth technology stocks, and the economy was relatively healthy.
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