RKT Stock: Why Rocket Companies Shares Are Taking Off Today

Rocket Companies (NYSE:RKT) stock is soaring higher on Friday following the release of its earnings report for the fourth quarter of 2020.

Rocket Companies (RKT) Mortgage company on smartphone in dark room

Source: Lori Butcher / Shutterstock.com

That earnings report saw Rocket Companies bring in adjusted earnings per share of $1.49 on revenue of $4.7 billion. That’s great news for the company as it has revenue rocketing 144% higher compared to the same period of the year prior.

Rocket Companies CEO Jay Farner said this about the positive news for RKT stock.

“Rocket Companies’ record-breaking fourth quarter and full year 2020 results demonstrate the sheer power of the technology platform we have built and refined for more than two decades. In the midst of a pandemic, we successfully drove growth in every segment of our business, while never losing focus on meeting the needs of our team members, clients and communities.”

Adding to this is a special dividend for shareholders of RKT stock. Those on record as of March 9, 2021, will get a dividend of $1.11 per share. This dividend is payable on March 23, 2021.

The positive earnings news is pushing interest in RKT stock higher today. As of this writing, more than 32 million shares of RKT stock have changed hands. That’s a massive spike next to its daily average trading volume of roughly 10.5 million shares.

It’s also worth noting that Rocket Companies is still incredibly new to the public market. Shares of RKT stock started trading on the New York Stock Exchange with an initial public offering (IPO) in August 2020.

RKT stock was up 13.3% as of Friday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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