Not sure why but UWMC up 11% today, some heavy volume buying. A nice surprise
Probably this:
UWM Holdings Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 35%. Earnings per share (EPS) also surpassed analyst estimates by 57%.
Looking ahead, revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Diversified Financial industry in the US.
The company's shares are up 8.4% from a week ago.
That was last week, there was no news today. There were heavy block trades at the close pushing the stock up over 11% in one day four days after earnings and after it gave back much of those gains that day. They were 2.5x their normal volume today, that could indicate some institutions are taking notice after the surprise earnings beat or it could just be a coincidence.
UWMC with a surprisingly good quarter and guided higher. I assumed they would be pretty ho-hum again considering how slow the housing market continues to be. But since rates are somewhat similar to 3 months ago it makes sense their mark to market on servicing rights didn't kill them this quarter like it did the last two. Nice little surprise to go with BROS today![]()