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Rocket Companies (RKT) Dips More Than Broader Markets: What You Should Know
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Rocket Companies (RKT - Free Report) closed the most recent trading day at $13.11, moving -1.13% from the previous trading session. This change lagged the S&P 500's 1.1% loss on the day. Elsewhere, the Dow lost 0.89%, while the tech-heavy Nasdaq added 0.03%.
Prior to today's trading, shares of the company had lost 12.3% over the past month. This has was narrower than the Business Services sector's loss of 19.01% and lagged the S&P 500's loss of 1.81% in that time.
Wall Street will be looking for positivity from Rocket Companies as it approaches its next earnings report date. On that day, Rocket Companies is projected to report earnings of $0.37 per share, which would represent a year-over-year decline of 67.54%. Our most recent consensus estimate is calling for quarterly revenue of $2.62 billion, down 44.17% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Rocket Companies. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.97% lower within the past month. Rocket Companies currently has a Zacks Rank of #4 (Sell).
Investors should also note Rocket Companies's current valuation metrics, including its Forward P/E ratio of 8.78. Its industry sports an average Forward P/E of 23.01, so we one might conclude that Rocket Companies is trading at a discount comparatively.
Investors should also note that RKT has a PEG ratio of 0.88 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Technology Services was holding an average PEG ratio of 1.47 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 165, which puts it in the bottom 36% 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.
To follow RKT in the coming trading sessions, be sure to utilize Zacks.com.
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Rocket Companies (RKT) Dips More Than Broader Markets: What You Should Know
Rocket Companies (RKT - Free Report) closed the most recent trading day at $13.11, moving -1.13% from the previous trading session. This change lagged the S&P 500's 1.1% loss on the day. Elsewhere, the Dow lost 0.89%, while the tech-heavy Nasdaq added 0.03%.
Prior to today's trading, shares of the company had lost 12.3% over the past month. This has was narrower than the Business Services sector's loss of 19.01% and lagged the S&P 500's loss of 1.81% in that time.
Wall Street will be looking for positivity from Rocket Companies as it approaches its next earnings report date. On that day, Rocket Companies is projected to report earnings of $0.37 per share, which would represent a year-over-year decline of 67.54%. Our most recent consensus estimate is calling for quarterly revenue of $2.62 billion, down 44.17% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Rocket Companies. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.97% lower within the past month. Rocket Companies currently has a Zacks Rank of #4 (Sell).
Investors should also note Rocket Companies's current valuation metrics, including its Forward P/E ratio of 8.78. Its industry sports an average Forward P/E of 23.01, so we one might conclude that Rocket Companies is trading at a discount comparatively.
Investors should also note that RKT has a PEG ratio of 0.88 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Technology Services was holding an average PEG ratio of 1.47 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 165, which puts it in the bottom 36% 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.
To follow RKT in the coming trading sessions, be sure to utilize Zacks.com.