NEW YORK (TheStreet) -- Shares of Ocwen Financial (OCN) - Get Report are jumping 9.59% to $1.88 on heavy trading volume Thursday afternoon after the company posted higher-than-expected revenue for the 2016 second quarter.
After yesterday's market close, the West Palm Beach, FL-based financial services firm reported revenue of $373.1 million, above analysts' estimates of $324.1 million. Revenue fell 19.5% compared to last year.
But Ocwen Financial posted a loss of 71 cents per share, which was wider than the loss of 48 cents per share that analysts had projected.
Lending volumes for the quarter were 35% higher compared to last year.
About 3.78 million of the company's shares were traded so far today vs. its average volume of 1.84 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: OCN