Better Home & Finance (NASDAQ:BETR) Stock Price Up 12.6% - Here's What Happened

Key Points

• Better Home & Finance shares jumped 12.6% to $26.47 in mid-day trading, although volume was 71% below the stock’s average daily volume.
• Analyst sentiment remains mixed but leans positive: six analysts rate the stock Buy, one Hold, and one Sell, producing a consensus “Moderate Buy” rating and a $36.33 target price.
• CEO Vishal Garg increased his position by purchasing 15,600 shares, while insiders collectively bought 51,433 shares over the past 90 days; insiders own 27.72% of the company.

Better Home & Finance Holding Company (NASDAQ:BETR - Get Free Report)'s share price shot up 12.6% during mid-day trading on Monday . The company traded as high as $26.54 and last traded at $26.47. Approximately 128,472 shares traded hands during trading, a decline of 71% from the average daily volume of 439,474 shares. The stock had previously closed at $23.50.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Zacks Research raised Better Home & Finance to a "hold" rating in a report on Wednesday, July 29th. Wall Street Zen downgraded Better Home & Finance from a "sell" rating to a "strong sell" rating in a research note on Saturday. Weiss Ratings reissued a "sell (e+)" rating on shares of Better Home & Finance in a report on Friday, July 17th. Canaccord Genuity Group began coverage on Better Home & Finance in a research note on Thursday, June 18th. They issued a "buy" rating and a $42.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $35.00 price objective on shares of Better Home & Finance in a report on Friday. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.33.

Better Home & Finance Stock Performance

The stock's fifty day moving average price is $25.73 and its 200-day moving average price is $30.55. The firm has a market cap of $507.79 million, a PE ratio of -2.29 and a beta of 1.74.

Insider Activity at Better Home & Finance

In other news, CEO Vishal Garg purchased 15,600 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $390,000.00. Following the acquisition, the chief executive officer directly owned 118,260 shares in the company, valued at approximately $2,956,500. The trade was a 15.20% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Chad M. Smith sold 2,455 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $30.16, for a total value of $74,042.80. Following the completion of the transaction, the chief operating officer directly owned 21,061 shares of the company's stock, valued at $635,199.76. The trade was a 10.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have purchased a total of 51,433 shares of company stock valued at $1,334,148 in the last 90 days. Insiders own 27.72% of the company's stock.

Institutional Trading of Better Home & Finance

Institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its holdings in Better Home & Finance by 3.1% in the first quarter. Goldman Sachs Group Inc. now owns 293,858 shares of the company's stock valued at $3,207,000 after purchasing an additional 8,924 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Better Home & Finance by 90.6% during the 2nd quarter. Geode Capital Management LLC now owns 129,881 shares of the company's stock worth $1,609,000 after buying an additional 61,740 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Better Home & Finance during the 2nd quarter worth $29,000. XTX Topco Ltd purchased a new stake in shares of Better Home & Finance in the 2nd quarter worth about $197,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Better Home & Finance in the 2nd quarter worth about $100,000. 20.94% of the stock is currently owned by hedge funds and other institutional investors.

About Better Home & Finance

Better Home & Finance Holding Co engages in the provision of comprehensive homeownership services. It offers mortgage loans, real estate agent services, and title and homeowner's insurance services. The company was founded in 2014 and is headquartered in New York, NY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.