UWM (NYSE:UWMC) Shares Gap Down – Here’s What Happened

UWM Holdings Co. (NYSE:UWMC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $6.58, but opened at $5.92. UWM shares last traded at $5.90, with a volume of 1,005,110 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on UWMC shares. Morgan Stanley decreased their price target on UWM from $7.50 to $6.50 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Keefe, Bruyette & Woods cut their target price on shares of UWM from $7.00 to $6.50 and set a “market perform” rating for the company in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group decreased their price target on shares of UWM from $8.50 to $7.50 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.39.

UWM Trading Down 8.0 %

The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.06. The firm’s 50-day moving average price is $6.05 and its 200 day moving average price is $7.01. The company has a market capitalization of $9.68 billion, a P/E ratio of -26.32 and a beta of 1.66.

Institutional Trading of UWM

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of UWM by 37.6% in the fourth quarter. Vanguard Group Inc. now owns 11,764,910 shares of the company’s stock valued at $69,060,000 after purchasing an additional 3,212,081 shares during the period. FMR LLC raised its position in UWM by 24.5% in the 3rd quarter. FMR LLC now owns 10,218,728 shares of the company’s stock worth $87,064,000 after purchasing an additional 2,010,985 shares during the period. First Trust Advisors LP boosted its holdings in UWM by 886.9% during the 4th quarter. First Trust Advisors LP now owns 3,727,477 shares of the company’s stock valued at $21,880,000 after acquiring an additional 3,349,779 shares during the period. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of UWM in the third quarter worth about $21,797,000. Finally, State Street Corp lifted its stake in UWM by 5.0% in the third quarter. State Street Corp now owns 1,592,084 shares of the company’s stock worth $13,723,000 after acquiring an additional 76,221 shares during the period. Institutional investors own 53.59% of the company’s stock.

UWM Company Profile

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.