UWM (NYSE:UWMC) Shares Up 10.4% – What’s Next?

UWM Holdings Corporation (NYSE:UWMC)’s share price traded up 10.4% on Thursday. The company traded as high as $1.10 and last traded at $1.1150. 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

UWMC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lowered UWM from an “outperform” rating to a “market perform” rating and set a $1.50 target price for the company. in a report on Wednesday, October 7th. Zacks Research cut UWM from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. Barclays dropped their target price on UWM from $4.00 to $2.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Wall Street Zen lowered shares of UWM from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Stephens cut their target price on shares of UWM from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.76.

UWM Stock Down 9.1%

The stock’s 50-day moving average price is $1.33 and its two-hundred day moving average price is $2.25. The stock has a market capitalization of $1.68 billion, a PE ratio of -13.06 and a beta of 1.82. The company has a debt-to-equity ratio of 6.05, a quick ratio of 1.64 and a current ratio of 1.64.

UWM (NYSE:UWMC) last released its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.30). The business had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $727.46 million. UWM had a negative net margin of 1.04% and a negative return on equity of 6.20%. As a group, analysts expect that UWM Holdings Corporation will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On UWM

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in UWM by 127.4% in the 1st quarter. Bank of America Corp DE now owns 6,969,809 shares of the company’s stock worth $25,231,000 after buying an additional 3,905,286 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in UWM during the 2nd quarter valued at $4,593,000. Squarepoint Ops LLC raised its stake in UWM by 179.6% during the 2nd quarter. Squarepoint Ops LLC now owns 1,774,823 shares of the company’s stock valued at $4,064,000 after buying an additional 1,140,136 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of UWM in the 2nd quarter worth $1,473,000. Finally, Virtu Financial LLC purchased a new position in shares of UWM in the 4th quarter worth $1,799,000. 53.59% of the stock is currently owned by hedge funds and other institutional investors.

About UWM

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.