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Why Rocket Companies (RKT) Exploded Higher on Friday
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Shares of Rocket Companies (RKT - Free Report) were up as much as 20% in Friday trading after the tech-driven mortgage lender reported blowout results for Q4. RKT closed up 9.8%.
Earnings and revenue easily beat the Street consensus estimate, and profit, margins, origination volumes, and efficiencies all exceeded expectations. Most notably, total revenue skyrocketed 200% and net income jumped an eye-popping 948% year-over-year. Rocket’s Q4 results suggests that high mortgage demand will continue in Q1.
It also announced it would pay a special dividend of $1.11 per share, and a new partnership with Morgan Stanley (MS - Free Report) and eTrade that will offer its client base conforming loan options.
Analysts at Jeffries reiterated a Buy rating and raised the price target to $30 from $27.50, while analysts at Barclays, Morgan Stanley, all RBC all maintained a bullish outlook on RKT.
In addition to mortgages, Rocket also operates real estate and e-commerce businesses Amrock, Rocket Homes, and Rocket Auto.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
Why Rocket Companies (RKT) Exploded Higher on Friday
Shares of Rocket Companies (RKT - Free Report) were up as much as 20% in Friday trading after the tech-driven mortgage lender reported blowout results for Q4. RKT closed up 9.8%.
Earnings and revenue easily beat the Street consensus estimate, and profit, margins, origination volumes, and efficiencies all exceeded expectations. Most notably, total revenue skyrocketed 200% and net income jumped an eye-popping 948% year-over-year. Rocket’s Q4 results suggests that high mortgage demand will continue in Q1.
It also announced it would pay a special dividend of $1.11 per share, and a new partnership with Morgan Stanley (MS - Free Report) and eTrade that will offer its client base conforming loan options.
Analysts at Jeffries reiterated a Buy rating and raised the price target to $30 from $27.50, while analysts at Barclays, Morgan Stanley, all RBC all maintained a bullish outlook on RKT.
In addition to mortgages, Rocket also operates real estate and e-commerce businesses Amrock, Rocket Homes, and Rocket Auto.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>