1/3/2024 0 Comments Rocket mortgage stock symbol![]() ![]() Allen & Company LLC, BofA Securities, Barclays, Citigroup and UBS Investment Bank are acting as bookrunners. Morgan and RBC Capital Markets are acting as the lead bookrunners for the offering. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.The shares are expected to begin trading on the New York Stock Exchange on August 6, 2020, under the ticker symbol "RKT," and the offering is expected to close on August 10, 2020, subject to customary closing conditions. ĭavid Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course). The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. Nonetheless, investors can look past the oddity and take advantage of this rare market opportunity. The share price is down, and the revenues are up on a YoY basis for two quarters in a row.Īnd yes, the IPO was a bit strange. I wouldn’t blame anyone for pouncing on this opportunity in RKT stock. Specifically, on a YoY basis, Rocket Companies grew its revenues by 236%, its adjusted revenues by 91%, its net income by a mind-blowing 2,800% and its adjusted net income by 170%.īorrowing some machinery jargon, Rocket Companies Vice Chairman and CEO Jay Farner commented, “Our flywheel only continues to accelerate as we look forward to the second quarter and the rest of 2021.” RKT Stock: The Bottom Line In February, for the fourth quarter, Rocket Companies reported 162% year-over-year (YoY) growth in adjusted revenues, 227% YoY growth in net income and a whopping 350% growth in adjusted net income.Īnd more recently, the company released another round of impressive fiscal data. Speaking of revenues, Rocket Companies has absolutely knocked it out of the park when it comes to revenue generation – not just once, but for two consecutive quarters. $15.7 billion total net revenues for FY 2020.$320 billion worth of mortgage originations in FY 2020.91% net client retention rate for fiscal year (FY) 2020.I’ll give you more stats momentarily, but here’s a sampler platter to whet your appetite for Rocket Companies: Moreover, I would assert that RKT stock is a right-place, right-time investment in a time when the real estate market is hot and e-commerce is thriving. In other words, Rocket Companies is a one-stop shop for clients’ mortgage origination needs. The firm will then either approve or deny the loan, quote rates, and perform a title insurance check.” Yeung’s description of the company’s business model reveals its brilliant simplicity: “Customers call (or more commonly, use its mobile app or website) to get a new mortgage or refinance. With a market capitalization of around $35 billion, Rocket Companies has a sizable presence in the mortgage loan origination space. If anything, the data suggests that Rocket Companies is doing extraordinarily well. That’s not necessarily the case, however. This might lead some folks to believe that there must be something fundamentally wrong with the company. Yet, the stock fell back to Earth soon afterwards, and stayed near the $20 level for half a year.Ī more exaggerated pop-and-drop took place in March of 2021, when the stock soared to $43, only to retreat back to the $20 area again.Īs of May 19, RKT stock was trading at the rather low price of $17.15. So, perhaps Yeung was right to characterize the IPO as strange.īy early September, RKT stock had flown all the way up to $31. The share price rose as much as 26%, to $22.76 per share, on that first day. The next day, RKT stock debuted for public trading on the New York Stock Exchange. 5, 2020, Rocket Companies priced its IPO at $18 per share. ![]()
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