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Why Rocket Companies Is Trading Lower Today

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Why Rocket Companies Is Trading Lower Today

Rocket Companies Inc (NYSE: RKT) is trading lower Thursday morning after the company reported mixed earnings.

What Happened: Rocket Companies reported first-quarter financial results Wednesday after the close. Earnings of 89 cents per share came in below the estimate of 90 cents per share. The company reported revenue of $4 billion, which beat the estimate of $3.97 billion.

"The combination of our technology platform and Rocket Cloud Force of highly trained professionals, continues to deliver scalability and a client experience that is unmatched. In fact, this was the sixth consecutive quarter where our team was able to double the company's home loan volume year-over-year," said Jay Farner, CEO of Rocket Companies.

Related Link: Rocket Companies Falls Following Q1 EPS Miss, Revenue Beat

Why It Matters: Rocket Companies is one of the most popular stocks among retail traders and investors. The VanEck Vectors Social Sentiment ETF (NYSE: BUZZ) added the company to its holdings on April 15.

The company went public on the New York Stock Exchange on Aug. 6, 2020. Since that time, the stock has traded as high as $43 and as low as $17.78.

At last check Thursday, Rocket's stock was down 17.3% at $18.84.

 

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