Rocket Companies (NYSE: RKT) is a Detroit-based holding company consisting of personal finance and consumer service brands.
CEO Jay Farner suggested a dividend could be on the table in the future in a CNBC interview in early August, noting that a dividend could be a "real option for our shareholders."
A string of comments on MarketWatch shows some of the sentiment that fueled Rocket stock so far: "I'm not saying it's a Tesla or Amazon," says one giddy person. The company said its closed loan originations volume of $72.3 billion was up 126% from a year ago.
The target price range was set to be around $20 to $22 a share, as reported in a filing in July with the Securities and Exchange Commission.Rocket wanted to portray itself as a tech company, not simply a mortgage giant. There are currently too few FactSet estimates to create a reliable consensus.
For the first quarter, Rocket's net income was $97.3 million — up from a net loss of $299.3 million for the first quarter in 2019. Why Rocket Companies Stock Jumped Today The mortgage giant is benefiting from several powerful trends. Take advantage.Article printed from InvestorPlace Media, https://investorplace.com/2020/08/rkt-stock-get-in-on-the-ground-floor-of-rocket-companies/.Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Stocks are mixed approaching midday Wednesday, although the Dow Jones Industrial Average and S&P 500 are shrugging off weak jobs data.Stocks were positioned to open higher Wednesday morning, shrugging off new jobs data and putting indexes on a path to notch fresh highs.Shares of Rocket Companies rose 10% in premarket trade Friday, after the parent of major mortgage lender Quicken Loans offered guidance for its second quarter. The company went public on August 6. ... Stock quotes supplied by Barchart Quotes delayed at least 20 minutes.
Tickers RKT. It has rallied 11.5% since it closed at $21.51 on its first day of trading on Aug. 6, while the S&P 500 has edged up 0.8% over the same time.Analysts report on Eli Lilly, Rocket Cos., Tenet Healthcare, Intercontinental Exchange, and CopartFacebook bans political ads the week before the election, widely available steroids help most severely ill Covid-19 patients, U.S. debt is set to surpass the size of the economy, and other news to start your day.Rocket Companies' shares fell sharply in the extended session Wednesday after its first post-IPO results missed Wall Street estimates even though it swung to a profit from the year-ago period and posted record closed-loan-origination volume amid low interest rates. Rocket Mortgage, its flagship business, has provided more than $1 trillion in home loans since its inception and has grown its market share from 1.3% in 2009 to 9.2% in the first quarter of 2020 for a compound annual growth rate of 19%, the company said in the filing.
After Rocket stock peaked at $34.42 and closed recently at $24.57, should investors buy this mortgage-financing provider? Much will depend on how long the 2020 recession drags on.