UWMC - Why Shares of UWM Holdings Are Rising Today?
Shares of wholesale mortgage lender UWM Holdings (NYSE: UWMC) rose by as much as 15% Monday morning for no obvious reason. As of 11:40 a.m. EST, that rise had moderated somewhat back to a gain of about 7.8%.
UWM stock has been on an upward trend for most of the last week. On one hand, on the company's recent earnings call, management said mortgage originations in the second quarter are expected to exceed those generated in the first quarter. The company also announced a $300 million stock buyback program that will be in place for the next two years.
But more recently, analysts have cut their earnings estimates for UWM, suggesting previous forecasts had been too favorable.
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Why Shares of UWM Holdings Are Rising Today?