Why UWM Holdings Corp. (UWMC) Went Up On Wednesday?

We recently published a list of The Top 10 Performing Stocks on Wednesday. In this article, we are going to take a look at where UWM Holdings Corp. (NYSE:UWMC) stands against other top performing stocks on Wednesday.

Wall Street’s three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump’s tariff rollout on imports.

The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent.

Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite.

In this article, we named Wednesday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

UWM Holdings Corp. (NYSE:UWMC)

UWM Holdings rallied by 8.22 percent on Wednesday to finish at $5.79 apiece following the appointment of its new chief financial officer (CFO).

In a statement on Tuesday, UWMC named Rami Hasani as its new CFO, effective on April 1. He replaced Andrew Hubacker, who moved into a senior advisor role for the company.

Hasani joined UWMC in November 2020 as vice president for financial reporting and compliance.

“We are thrilled to announce Rami’s transition into the role of CFO, a position he has rightfully earned through the confidence of myself, our leadership team, and the entire organization,” said UWMC President and CEO Mat Ishbia. “Since joining UWM in 2020, he has been a valuable part of our team, and we have no doubt he will continue to make a significant impact in this new role. We also extend our gratitude to Andrew for his many contributions as our CFO and appreciate his continued expertise in his new role as a senior advisor.”

Prior to joining the company, Hasani spent over 15 years at Deloitte & Touche, LLP, most recently serving as a Senior Manager in the Advisory practice. He also holds a bachelor’s degree from Oakland University in accounting and has been a Certified Public Accountant since 2004.

Overall, UWMC ranks 7th on our list of top performing stocks on Wednesday. While we acknowledge the potential of UWMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as UWMC but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.