UWM (NYSE:UWMC) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded UWM from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $3.76 price target.
• UWM shares opened at $1.11, near their 12-month low of $0.93 and well below the 12-month high of $6.15; the stock was down substantially from its moving averages.
• The company missed quarterly earnings expectations, reporting a loss of $0.23 per share versus the anticipated $0.07 profit, despite revenue of $888 million exceeding estimates.

UWM (NYSE:UWMC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other research firms also recently commented on UWMC. BTIG Research downgraded UWM from a "buy" rating to a "neutral" rating in a report on Monday, October 12th. Weiss Ratings lowered UWM from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Barclays lowered their price target on UWM from $4.00 to $2.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Citizens Jmp upgraded UWM from a "market perform" rating to an "outperform" rating and set a $3.00 price target for the company in a report on Wednesday, July 29th. Finally, Wall Street Zen lowered UWM from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $3.76.

UWM Stock Up 1.4%

Shares of NYSE:UWMC opened at $1.11 on Tuesday. The firm has a market cap of $1.79 billion, a PE ratio of -13.94 and a beta of 1.82. The company has a fifty day simple moving average of $1.30 and a 200 day simple moving average of $2.19. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 6.05. UWM has a 12-month low of $0.93 and a 12-month high of $6.15.

UWM (NYSE:UWMC - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.30). The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $727.46 million. UWM had a negative return on equity of 6.20% and a negative net margin of 1.04%. On average, equities research analysts anticipate that UWM will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On UWM

Institutional investors have recently modified their holdings of the business. Quadrant Capital Group LLC bought a new position in UWM in the third quarter worth about $62,000. Taylor & Morgan Wealth Management LLC boosted its stake in UWM by 59.8% in the third quarter. Taylor & Morgan Wealth Management LLC now owns 58,159 shares of the company's stock valued at $69,000 after acquiring an additional 21,768 shares during the period. Wedmont Private Capital boosted its stake in UWM by 270.4% in the third quarter. Wedmont Private Capital now owns 76,926 shares of the company's stock valued at $84,000 after acquiring an additional 56,158 shares during the period. Engineers Gate Manager LP bought a new position in shares of UWM during the second quarter valued at approximately $1,473,000. Finally, Squarepoint Ops LLC grew its holdings in shares of UWM by 179.6% during the second quarter. Squarepoint Ops LLC now owns 1,774,823 shares of the company's stock valued at $4,064,000 after purchasing an additional 1,140,136 shares during the last quarter. Institutional investors own 53.59% of the company's stock.

UWM Company Profile

UWM Holdings Corporation, through its principal subsidiary United Wholesale Mortgage (UWM), operates as a wholesale mortgage lender in the United States. The company provides residential mortgage loans through a network of independent mortgage brokers, who work directly with borrowers and submit applications to UWM for underwriting and funding.

UWM offers a range of home loan products, including conventional, government-backed, jumbo and other residential mortgage programs. Its platform also provides brokers with technology, loan processing, underwriting and closing services designed to support the origination of mortgages for home purchases and refinancings.

United Wholesale Mortgage traces its history to 1986 and is headquartered in Pontiac, Michigan.

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