UWMC - Why Shares of UWM Holdings Are Rising Today
Shares of wholesale mortgage lender UWM Holdings (NYSE: UWMC) had risen nearly 10.3% as of 11:05 a.m. EDT, after the company received some chatter on the popular Reddit forum WallStreetBets.
On WallStreetBets' daily discussion for June 9, one commenter wrote, "Uwmc shorts getting crushed going to be squeezed real soon."
As of May 14, more than 20% of the float had short interest , so it is possible that a short squeeze could occur, in which the rising stock price of UWM forces short-sellers to close out their positions and buy the shares they are shorting, sending the stock price higher.
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Why Shares of UWM Holdings Are Rising Today