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Rocket Companies (RKT) Gains As Market Dips: What You Should Know
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In the latest trading session, Rocket Companies (RKT - Free Report) closed at $20.07, marking a +0.1% move from the previous day. This change outpaced the S&P 500's 0.44% loss on the day. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 0.72%.
Prior to today's trading, shares of the company had gained 5.27% over the past month. This has outpaced the Business Services sector's gain of 4.57% and the S&P 500's gain of 4.46% in that time.
Wall Street will be looking for positivity from RKT as it approaches its next earnings report date. This is expected to be February 25, 2021.
Any recent changes to analyst estimates for RKT should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 8.68% higher. RKT currently has a Zacks Rank of #2 (Buy).
In terms of valuation, RKT is currently trading at a Forward P/E ratio of 11.3. For comparison, its industry has an average Forward P/E of 36.49, which means RKT is trading at a discount to the group.
It is also worth noting that RKT currently has a PEG ratio of 1.13. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Technology Services was holding an average PEG ratio of 2.51 at yesterday's closing price.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 198, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Rocket Companies (RKT) Gains As Market Dips: What You Should Know
In the latest trading session, Rocket Companies (RKT - Free Report) closed at $20.07, marking a +0.1% move from the previous day. This change outpaced the S&P 500's 0.44% loss on the day. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 0.72%.
Prior to today's trading, shares of the company had gained 5.27% over the past month. This has outpaced the Business Services sector's gain of 4.57% and the S&P 500's gain of 4.46% in that time.
Wall Street will be looking for positivity from RKT as it approaches its next earnings report date. This is expected to be February 25, 2021.
Any recent changes to analyst estimates for RKT should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 8.68% higher. RKT currently has a Zacks Rank of #2 (Buy).
In terms of valuation, RKT is currently trading at a Forward P/E ratio of 11.3. For comparison, its industry has an average Forward P/E of 36.49, which means RKT is trading at a discount to the group.
It is also worth noting that RKT currently has a PEG ratio of 1.13. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Technology Services was holding an average PEG ratio of 2.51 at yesterday's closing price.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 198, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.