Morgan Stanley Cuts UWM (NYSE:UWMC) Price Target to $6.50

UWM (NYSE:UWMC) had its price target reduced by analysts at Morgan Stanley from $7.50 to $6.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 17.97% from the company’s current price.

Several other research analysts have also weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of UWM from $9.00 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, December 10th. The Goldman Sachs Group dropped their price objective on UWM from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Barclays upgraded UWM from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $6.00 to $8.00 in a research report on Tuesday, October 8th. Finally, UBS Group raised their price target on UWM from $4.50 to $4.75 and gave the company a “sell” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.28.

UWM Price Performance

UWM stock traded down $0.13 during midday trading on Thursday, reaching $5.51. The company’s stock had a trading volume of 1,853,540 shares, compared to its average volume of 2,055,841. The stock’s 50 day simple moving average is $6.46 and its 200 day simple moving average is $7.53. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market capitalization of $8.81 billion, a PE ratio of -23.96 and a beta of 1.65. UWM has a fifty-two week low of $5.44 and a fifty-two week high of $9.74.

Hedge Funds Weigh In On UWM

A number of institutional investors have recently modified their holdings of UWMC. FMR LLC grew its holdings in UWM by 24.5% in the 3rd quarter. FMR LLC now owns 10,218,728 shares of the company’s stock valued at $87,064,000 after buying an additional 2,010,985 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new stake in UWM in the third quarter valued at approximately $21,797,000. Renaissance Technologies LLC increased its position in UWM by 13.2% during the second quarter. Renaissance Technologies LLC now owns 1,712,900 shares of the company’s stock worth $11,870,000 after purchasing an additional 199,900 shares during the last quarter. State Street Corp raised its stake in UWM by 5.0% during the third quarter. State Street Corp now owns 1,592,084 shares of the company’s stock worth $13,723,000 after purchasing an additional 76,221 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of UWM by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,546,818 shares of the company’s stock valued at $13,183,000 after purchasing an additional 41,206 shares during the last quarter. Institutional investors and hedge funds own 53.59% of the company’s stock.

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.