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Strength Seen in Rocket Companies (RKT): Can Its 9.1% Jump Turn into More Strength?
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Rocket Companies (RKT - Free Report) shares soared 9.1% in the last trading session to close at $14.42. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3% loss over the past four weeks.
Positive broader market sentiment because of the Federal Reserve’s hawkish tone, heavy trading volume, and momentum/short-covering are the primary reasons for Rocket Companies’ share price movement on Thursday.
This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +375%. Revenues are expected to be $2.83 billion, up 111.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Rocket Companies, the consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RKT going forward to see if this recent jump can turn into more strength down the road.
Rocket Companies belongs to the Zacks Financial - Mortgage & Related Services industry. Another stock from the same industry, UWM Holdings Corporation (UWMC - Free Report) , closed the last trading session 2.6% lower at $2.22. Over the past month, UWMC has returned -24.3%.
UWM's consensus EPS estimate for the upcoming report has changed -0.6% over the past month to $0.1. Compared to the company's year-ago EPS, this represents a change of -37.5%. UWM currently boasts a Zacks Rank of #4 (Sell).
View the Zacks #1 Rank List
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Strength Seen in Rocket Companies (RKT): Can Its 9.1% Jump Turn into More Strength?
Rocket Companies (RKT - Free Report) shares soared 9.1% in the last trading session to close at $14.42. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3% loss over the past four weeks.
Positive broader market sentiment because of the Federal Reserve’s hawkish tone, heavy trading volume, and momentum/short-covering are the primary reasons for Rocket Companies’ share price movement on Thursday.
This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +375%. Revenues are expected to be $2.83 billion, up 111.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Rocket Companies, the consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RKT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Rocket Companies belongs to the Zacks Financial - Mortgage & Related Services industry. Another stock from the same industry, UWM Holdings Corporation (UWMC - Free Report) , closed the last trading session 2.6% lower at $2.22. Over the past month, UWMC has returned -24.3%.
UWM's consensus EPS estimate for the upcoming report has changed -0.6% over the past month to $0.1. Compared to the company's year-ago EPS, this represents a change of -37.5%. UWM currently boasts a Zacks Rank of #4 (Sell).