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Summary
- Stocks of United Wholesale Mortgage (NYSE:UWMC, UWMC:US) swelled by nearly 20 per cent on Tuesday, March 2.
- On Wednesday morning, the mortgage firm’s stocks were up by 23 per cent in the premarket trading hours (8:42AM EST).
- Currently reflecting a market cap of over US$ 16.5 billion, UWM Holdings began trading on the stock markets in January this year.
Stocks of United Wholesale Mortgage (NYSE:UWMC, UWMC:US) swelled by nearly 20 per cent on Tuesday, March 2, recording a trading volume of nearly 43 million. At one point during the day, UWM Holdings’ saw its stock hit a high of US$ 9.65 to record a jump of over 26 per cent, then finally subsided to close trading at US$ 9.13.
On Wednesday morning, the mortgage firm’s stocks were up by 23 per cent in the premarket trading hours (8:42AM EST).
Let’s find out what may be causing UWMC stocks to surge.
UWM Holdings Corporation (NYSE:UWMC, UWMC:US)
UWM Holdings, primarily a residential and wholesale mortgage lender, tweeted on Tuesday that it has made it to the preliminary IPO additions list for Russell 1000 and Russell 3000 indexes.
©Kalkine Group 2021
The Russell 3000 Index measures the top 3,000 public companies incorporated in the US based on their market capitalization, while Russell 1000 tracks its top thousand candidates. Both the indexes provide massive exposure to the top players of the US public equity market.
Getting listed on such major indexes increases a stock’s chances of visibility and generally brings it to the notice of funds which track these indexes. This angle could probably be what propelled UWM Holdings’ share price.
©Kalkine Group 2021
UWM stocks’ latest surge also comes around at the same as fellow mortgage firm Rocket Company’s Reddit-fueled rise on Tuesday.
Currently reflecting a market cap of over US$ 16.5 billion, UWM Holdings began trading on the stock markets in January this year. The stock went live on the New York Stock Exchange (NYSE) on January 22 following a reverse merger with blank check company Gores Holdings IV.
