UWM Holdings Stock Rose 15% Today - Here's Why

UWM Holdings Corporation UWMC shares gained considerably on Wednesday. 

The company reported solid third-quarter financial results before the market open. Here's what's caused the price action.

What To Know: UWM Holdings smashed revenue expectations, posting third-quarter revenue of $677.116 million, beating the consensus estimate of $517.069 million. Earnings of 15 cents per share exceeded estimates of 6 cents per share.

Chairman and CEO of UWM Holdings, Mat Ishbia, followed with an upbeat commentary, highlighting how UWM has outperformed competitors. Ishbia also expressed promising prospects for the company's future, specifically when rates fall.

Shares of UWM rose by over 15% on Wednesday following the earnings report.

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UWMC Price Action: Shares of UWMC closed 14.2% higher at $5.80, according to Benzinga Pro.

Image by Paul Brennan from Pixabay