Ocwen Financial soars on NYSE after SmarTrend call
Stock has grown well over 15% since the call
Over the past two months, mortgage servicer Ocwen Financial (OCN) has performed extremely well on the stock market. This success came on the coat tails of analysis from market research firm SmarTrend identifying an Uptrend for Ocwen on July 15, 2013, setting a price estimate of $45.95.
Since the call from SmarTrend, Ocwen's stock has grown well over 15%, closing at $54.49 on Friday.
When looking at the HW 30 index — HousingWire’s exclusive index of stocks impacting the housing economy — over the past three months, the stock has gained substantial traction.
Over the past six months, Ocwen's stock price shot up 31.65%, while over the past three months, the company experienced a 29.43% price increase on the HW 30 index. The past month showed the stock rising 8.08%.
When compared to the New York Stock Exchange over the same time period, Ocwen's stock gained at a much faster pace, growing more than 20% during the three-month period while the NYSE remained relatively level.
Over the past 52 weeks on the NYSE, Ocwen's share prices have been bracketed by a low of $25.55 and a high of $53.86 and are now at $54.49, showing well over 100% growth from the lower price range.
Year-to-date on the HW 30 index, Ocwen is up 52.46%.
SmarTrend will continue to study the moving averages for Ocwen as well as a number of other proprietary indicators for any shifts in the trajectory of the company’s shares.