Is Upstart Holdings, Inc. overvalued or undervalued?

As of 14 February 2023, Upstart Holdings, Inc. has moved from a valuation grade of very expensive to risky. The company appears to be overvalued given its current financial metrics and performance indicators. Key ratios include a Price to Book Value of 7.64, an EV to EBIT of -52.35, and an EV to EBITDA of -64.95, all of which suggest significant financial strain and lack of profitability.
In comparison to peers, Upstart's valuation stands out unfavorably against IAC, Inc. with a P/E ratio of 8.83 and EV to EBITDA of 9.93, as well as Yelp, Inc. which has a fair valuation with a P/E of 15.42 and EV to EBITDA of 8.27. The negative returns in the year-to-date period of -4.06% compared to the S&P 500's 2.44% further reinforce the notion that Upstart is overvalued in the current market context.