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Rocket Companies (RKT) Gains As Market Dips: What You Should Know
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Rocket Companies (RKT - Free Report) closed the most recent trading day at $10.76, moving +0.09% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.23%. At the same time, the Dow lost 1.29%, and the tech-heavy Nasdaq lost 0.34%.
Heading into today, shares of the company had lost 6.77% over the past month, lagging the Business Services sector's gain of 3.03% and the S&P 500's gain of 5.04% in that time.
Wall Street will be looking for positivity from Rocket Companies as it approaches its next earnings report date. In that report, analysts expect Rocket Companies to post earnings of $0.21 per share. This would mark a year-over-year decline of 76.4%. Our most recent consensus estimate is calling for quarterly revenue of $2.32 billion, down 49.37% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.15 per share and revenue of $9.58 billion, which would represent changes of -49.12% and -26.09%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Rocket Companies. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 24.82% lower. Rocket Companies is currently sporting a Zacks Rank of #5 (Strong Sell).
Digging into valuation, Rocket Companies currently has a Forward P/E ratio of 9.35. This valuation marks a discount compared to its industry's average Forward P/E of 23.14.
Also, we should mention that RKT has a PEG ratio of 0.93. 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. Technology Services stocks are, on average, holding a PEG ratio of 2.34 based on yesterday's closing prices.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 34% 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
Rocket Companies (RKT - Free Report) closed the most recent trading day at $10.76, moving +0.09% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.23%. At the same time, the Dow lost 1.29%, and the tech-heavy Nasdaq lost 0.34%.
Heading into today, shares of the company had lost 6.77% over the past month, lagging the Business Services sector's gain of 3.03% and the S&P 500's gain of 5.04% in that time.
Wall Street will be looking for positivity from Rocket Companies as it approaches its next earnings report date. In that report, analysts expect Rocket Companies to post earnings of $0.21 per share. This would mark a year-over-year decline of 76.4%. Our most recent consensus estimate is calling for quarterly revenue of $2.32 billion, down 49.37% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.15 per share and revenue of $9.58 billion, which would represent changes of -49.12% and -26.09%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Rocket Companies. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 24.82% lower. Rocket Companies is currently sporting a Zacks Rank of #5 (Strong Sell).
Digging into valuation, Rocket Companies currently has a Forward P/E ratio of 9.35. This valuation marks a discount compared to its industry's average Forward P/E of 23.14.
Also, we should mention that RKT has a PEG ratio of 0.93. 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. Technology Services stocks are, on average, holding a PEG ratio of 2.34 based on yesterday's closing prices.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 34% 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.