Rocket Companies (NYSE:RKT) stock is on the rise Monday as investors hype the stock higher.
Rocket Companies appears to be continuing forward momentum that started earlier this month with the release of preliminary earnings. At that time, the company said it expects revenue for the quarter to come in at $5 billion.
The preliminary earnings also have the company expecting $3.5 billion and an adjusted net income of $2.8 billion. All-in-all the company is looking at massive gains year-over-year with its upcoming results. It’s set to report earnings on Sept. 2, 2020.
This positive news for Rocket Companies stock comes after the loan services company launched its IPO earlier this month. The company’s IPO priced shares at $18 each. The stock saw a quick rise after the IPO before mellowing out a bit. However, now it’s on a steady climb higher.
Rocket Companies stock has also been seeing a higher amount of trading. The company typically moves an average of roughly 36.07 million shares a day. It’s seeing slightly higher trading on Monday as about 38.64 million shares have changed hands as of the afternoon.
Rocket Companies has the potential to be a strong long-term investment with its stake in the U.S. loan market. The company currently owns about 9.2% of mortgages in the country.
RKT stock was up 13% as of Monday afternoon and was up 43.8% since its IPO on Aug. 6 when markets closed on Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
