Shares of mortgage lender Rocket Companies (RKT - Free Report) closed down over 5% on Friday as investors and analysts continue to digest the company’s Q1 earnings results. The stock fell 16.6% yesterday.
Revenue soared 236% year-over-year to $2.6 billion, adjusted net income spiked 170% to $1.8 billion, and closed loan origination increased by 100% to $103.5 million. Rocket also posted strong growth in its title insurance, property valuation, and settlement services.
Despite these impressive results, RKT’s guidance came in softer than expected. Management anticipates closed loan volume between $82.5 billion to $87.5 billion, representing an 18% sequential decline at the midpoint. Analysts are slashing their price targets as a result. Both RBC analyst Daniel Perlin and Jeffries analyst Ryan Carr cut their PT to $26 from $30; Perlin also reduced his full-year adjusted sales and earnings estimates.
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Shares of mortgage lender Rocket Companies (RKT - Free Report) closed down over 5% on Friday as investors and analysts continue to digest the company’s Q1 earnings results. The stock fell 16.6% yesterday.
Revenue soared 236% year-over-year to $2.6 billion, adjusted net income spiked 170% to $1.8 billion, and closed loan origination increased by 100% to $103.5 million. Rocket also posted strong growth in its title insurance, property valuation, and settlement services.
Despite these impressive results, RKT’s guidance came in softer than expected. Management anticipates closed loan volume between $82.5 billion to $87.5 billion, representing an 18% sequential decline at the midpoint. Analysts are slashing their price targets as a result. Both RBC analyst Daniel Perlin and Jeffries analyst Ryan Carr cut their PT to $26 from $30; Perlin also reduced his full-year adjusted sales and earnings estimates.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on RKT - FREE