UWM (NYSE:UWMC) Price Target Raised to $8.50

UWM (NYSE:UWMC) had its target price boosted by investment analysts at Wedbush from $7.00 to $8.50 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price target points to a potential downside of 1.16% from the company’s previous close.

Other research analysts have also issued reports about the company. Barclays upped their price objective on UWM from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Tuesday, July 9th. Keefe, Bruyette & Woods lifted their price objective on shares of UWM from $7.00 to $8.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, BTIG Research lifted their price target on shares of UWM from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.75.

UWM Stock Performance

Shares of NYSE:UWMC traded up $0.10 on Wednesday, hitting $8.60. The company had a trading volume of 672,228 shares, compared to its average volume of 1,605,370. The stock has a market cap of $821.97 million, a price-to-earnings ratio of 290.00 and a beta of 1.63. The stock has a 50 day moving average price of $7.49 and a 200 day moving average price of $7.02. UWM has a 1-year low of $4.49 and a 1-year high of $8.92. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.90.

UWM (NYSE:UWMC) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.02). The business had revenue of $507.09 million for the quarter, compared to analysts’ expectations of $540.31 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. Analysts expect that UWM will post 0.28 EPS for the current year.

Hedge Funds Weigh In On UWM

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ORG Partners LLC bought a new stake in shares of UWM in the 1st quarter valued at $29,000. Atlas Capital Advisors LLC boosted its position in UWM by 190.5% during the first quarter. Atlas Capital Advisors LLC now owns 5,046 shares of the company’s stock valued at $37,000 after acquiring an additional 3,309 shares during the last quarter. CWM LLC grew its holdings in UWM by 96.4% during the 2nd quarter. CWM LLC now owns 6,471 shares of the company’s stock worth $45,000 after acquiring an additional 3,177 shares during the period. International Assets Investment Management LLC bought a new position in shares of UWM in the 2nd quarter worth about $52,000. Finally, Quadrant Capital Group LLC lifted its stake in shares of UWM by 63.1% in the 4th quarter. Quadrant Capital Group LLC now owns 7,633 shares of the company’s stock valued at $55,000 after purchasing an additional 2,952 shares during the period. 53.59% of the stock is currently owned by institutional investors and hedge funds.

About UWM

UWM Holdings Corporation engages in the residential mortgage lending business in the United States. The company offers mortgage loans through wholesale channel. It originates primarily conforming and government loans. UWM Holdings Corporation was founded in 1986 and is headquartered in Pontiac, Michigan.