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Markets · Investing · Business
Finance
Why UWM Holdings Stock Dived by 20% Last Month
It flipped to a surprise net loss in its latest-reported quarter.
United Wholesale Mortgage(NYSE: UWMC) had an August to forget. An unsuccessful acquisition attempt impacted the quarterly results the mortgage originator reported that month, and the impact wasn't positive. Relatedly, it announced a large-scale fundraising effort that raised concerns about stock dilution.
Largely due to the strong investor sell-off these events engendered, UWM's stock fell by more than 20% over the course of August.
Details
UWM's second-quarter results were unveiled on Aug. 5. For the period, it earned $888 million in revenue, up 17% year over year. The company's specialty is mortgage originations; these were essentially flat at $39.7 billion.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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