UWM (NYSE:UWMC) Shares Up 10.4% – Here’s Why

UWM Holdings Corporation (NYSE:UWMC)’s stock price was up 10.4% on Thursday. The company traded as high as $1.10 and last traded at $1.1150. Approximately 9,150,321 shares were traded during trading, a decline of 50% from the average session volume of 18,328,352 shares. The stock had previously closed at $1.01.

Wall Street Analysts Forecast Growth

Several analysts have commented on UWMC shares. Barclays decreased their price target on shares of UWM from $4.00 to $2.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Stephens cut their price objective on UWM from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. BTIG Research cut UWM from a “buy” rating to a “neutral” rating in a report on Monday. Wall Street Zen lowered shares of UWM from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Keefe, Bruyette & Woods cut shares of UWM from an “outperform” rating to a “market perform” rating and set a $1.50 price target on the stock. in a research report on Wednesday, October 7th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, UWM currently has a consensus rating of “Hold” and a consensus target price of $3.76.

UWM Stock Performance

The company has a debt-to-equity ratio of 6.05, a current ratio of 1.64 and a quick ratio of 1.64. The business has a 50-day moving average of $1.33 and a 200-day moving average of $2.27. The company has a market capitalization of $1.84 billion, a P/E ratio of -14.19, a P/E/G ratio of 1.84 and a beta of 1.82.

UWM (NYSE:UWMC) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.30). UWM had a negative return on equity of 6.20% and a negative net margin of 1.04%. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $727.46 million. On average, sell-side analysts anticipate that UWM Holdings Corporation will post -0.08 EPS for the current year.

Hedge Funds Weigh In On UWM

Hedge funds have recently added to or reduced their stakes in the stock. Azora Capital LP raised its position in UWM by 230.8% during the 4th quarter. Azora Capital LP now owns 11,296,053 shares of the company’s stock valued at $49,477,000 after purchasing an additional 7,881,586 shares in the last quarter. Bank of America Corp DE boosted its stake in UWM by 127.4% in the first quarter. Bank of America Corp DE now owns 6,969,809 shares of the company’s stock valued at $25,231,000 after acquiring an additional 3,905,286 shares in the last quarter. Integrated Investment Consultants LLC raised its stake in UWM by 0.5% in the first quarter. Integrated Investment Consultants LLC now owns 5,371,664 shares of the company’s stock valued at $19,445,000 after buying an additional 26,679 shares during the last quarter. Concentric Capital Strategies LP increased its holdings in shares of UWM by 507.8% during the fourth quarter. Concentric Capital Strategies LP now owns 2,251,999 shares of the company’s stock valued at $9,864,000 after acquiring an additional 1,881,483 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of UWM during the second quarter valued at about $4,593,000. 53.59% of the stock is currently owned by institutional investors.

UWM Company Profile

UWM Holdings Corporation, operating as United Wholesale Mortgage (UWM), is a wholesale mortgage lender headquartered in Pontiac, Michigan. The company provides home loan products and related services through a network of independent mortgage brokers, rather than originating loans primarily through direct-to-consumer channels.

UWM offers a range of residential mortgage products, including conventional, government-backed, jumbo and other home financing options. Its services are supported by digital technology and processing tools designed to help mortgage brokers submit, manage and close loans efficiently.

The company traces its roots to 1986 and serves borrowers throughout the United States through its broker partners.