“Our record purchase mortgage volume puts us well on the path to our goal of becoming the largest retail home purchase lender in the nation by the end of 2023. Rocket Companies Vice Chairman and CEO Jay Farner emphasized how much bigger and more lucrative his company’s business could be over the next few months and years: If that’s true, then Rocket Companies has earned its coffee in 2021.ĭuring the second quarter, the company achieved closed loan origination volume of $83.764 billion, nearly doubling year-over-year and marking a quarterly record for Rocket Companies.Īmazingly, that closed loan volume was more than double the number from 2019’s second quarter, and exceeded that of the entire year of 2018.įurthermore, Rocket Companies achieved total net revenues of $2.669 billion during this year’s second quarter – not too shabby.Ĭlearly, this company’s team knows how to close deals. I’m referring to the line that says, “Coffee is for closers.” Closing the Dealĭo you remember the classic line from the film Glengarry Glen Ross? Thus, in a time when bargains are rare on Wall Street, RKT stock looks like an irresistible deal. On a trailing 12-month basis, Rocket Companies has a price-to-earnings ratio of just 5.49. With the downward price pressure, there’s a silver lining to be found. By early October, shares of Rocket Companies could be purchased for $15 and change.īut hey – let’s not dwell on the negative. Then, almost as quickly, the share price fell right back to $20.Īctually, it went below $20 and has stayed there for months. In early March, without warning, RKT stock catapulted to a 52-week high of $43. Who could have imagined what would happen next? Unless you had the inside scoop on Reddit’s next moves, Rocket Companies’ rocket ride would have been nearly impossible to predict. RKT stock started off 2021 drifting near the $20 area, with little fanfare or press coverage.
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