The ongoing battle between UWM (NYSE:UWMC) and Rocket (NYSE:RKT) has investors watching closely. The two mortgage lenders have been plotting moves against each other throughout the year, and today has been no different. The unveiling of a new product by Rocket has lead to a healthy boost in the value of RKT stock this morning that investors are cashing in on.
The Covid-19 pandemic has led to a tidal wave of products aimed at helping the shut-in consumer: Remote video calling, remote grocery shopping, at-home fitness equipment and beyond. Continuing that trend, Rocket has offered customers a way to go through the mortgage process entirely from home.
The company is partnering with the Intuit (NASDAQ:INTU) app Mint to offer the product. The goal of the product is to collapse the mortgage application process from days-long into just a few minutes, and from the comfort of your couch. It is the first offering of Rocket mortgages services outside of its own website, furthering the company’s reach to consumers.
Subreddit r/WallStreetBets is very bullish on RKT stock since the massive boost that it saw at the beginning of March. In fact, users are showing off their newest RKT positions, some claiming to have invested big bucks in the security. Retail investors on the platform appear to have great faith in Rocket, and the newest product is proving its promise of future gains.
The Bottom Line on RKT Stock
Also causing Rocket chatter is the news that the company is paying out dividends to shareholders today. Stock holders are receiving $1.11 on shares purchased as of March 9.
Overall, the news surrounding RKT stock should interest investors across the board. As of this morning, the stock is up by nearly 4%, and outlook is very high. It is not too late to be on board with the trendy security.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.