Upgrade Alert for Ocwen Financial (OCN)
Ocwen Financial (NYSE:OCN) was upgraded from Neutral to Buy at Compass Point today. The stock closed yesterday at $3.29 on volume of 2.5 million shares, above average daily volume of 2.3 million.
Ocwen Financial Corporation is diversified financial services holding company. The Company's primary businesses are the acquisition, servicing and resolution of sub-performing and nonperforming residential and commercial mortgage loans, as well as the related development of loan servicing technology and business-to business e-commerce solutions for the mortgage and real estate industries.
Over the past year, Ocwen Financial has traded in a range of $1.29 to $11.82 and closed yesterday at $3.29, 155% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 10% while the 200-day MA has slid 2.7%.
Ocwen Financial has overhead space with shares priced $3.29, or 63.4% below the average consensus analyst price target of $9.00. The stock should find resistance at its 200-day moving average (MA) of $5.92, as well as support at its 50-day MA of $2.68.
SmarTrend recommended that subscribers consider buying shares of Ocwen Financial on August 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.04. Since that recommendation, shares of Ocwen Financial have risen 57.8%. We continue to monitor OCN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades ocwen financial