I must admit, I was fascinated by InvestorPlace contributor Thomas Yeung’s assessment of the Rocket Companies (NYSE:RKT) initial public offering (IPO) as “one of 2020’s largest (and strangest).” As Yeung explained, the RKT stock price made some wild moves at that time.

2021 has been no less interesting for Rocket Companies’ faithful shareholders. They’ve been through ups and downs, no doubt about it.

There will probably be more volatility ahead, but an investment in RKT stock is somewhat de-risked as it’s trading at a relatively low price point.

Moreover, the most recently released fiscal stats on Rocket Companies are overwhelmingly positive. We’ll delve into that soon, but first let’s see if there’s a buy-the-dip opportunity in the stock today.

A Closer Look at RKT Stock

Let’s rewind the clock a bit. Rocket Companies, which is the parent company of Quicken Loans and Rocket Mortgage, planned to issue shares priced in the range of $20 to $22 during its IPO last year.

Then, on Aug. 5, 2020, Rocket Companies priced its IPO at $18 per share. The next day, RKT stock debuted for public trading on the New York Stock Exchange.

The share price rose as much as 26%, to $22.76 per share, on that first day. So, perhaps Yeung was right to characterize the IPO as strange.

By early September, RKT stock had flown all the way up to $31. Yet, the stock fell back to Earth soon afterwards, and stayed near the $20 level for half a year.

A more exaggerated pop-and-drop took place in March of 2021, when the stock soared to $43, only to retreat back to the $20 area again.

As of May 19, RKT stock was trading at the rather low price of $17.15. This might lead some folks to believe that there must be something fundamentally wrong with the company.

That’s not necessarily the case, however. If anything, the data suggests that Rocket Companies is doing extraordinarily well.

A Massive Market Footprint

With a market capitalization of around $35 billion, Rocket Companies has a sizable presence in the mortgage loan origination space.

Yeung’s description of the company’s business model reveals its brilliant simplicity: “Customers call (or more commonly, use its mobile app or website) to get a new mortgage or refinance. The firm will then either approve or deny the loan, quote rates, and perform a title insurance check.”

In other words, Rocket Companies is a one-stop shop for clients’ mortgage origination needs.

Moreover, I would assert that RKT stock is a right-place, right-time investment in a time when the real estate market is hot and e-commerce is thriving.

I’ll give you more stats momentarily, but here’s a sampler platter to whet your appetite for Rocket Companies:

• 24,000 team members
• 91% net client retention rate for fiscal year (FY) 2020
• $320 billion worth of mortgage originations in FY 2020
• $15.7 billion total net revenues for FY 2020

One Good Quarter Deserves Another

Speaking of revenues, Rocket Companies has absolutely knocked it out of the park when it comes to revenue generation – not just once, but for two consecutive quarters.

In February, for the fourth quarter, Rocket Companies reported 162% year-over-year (YoY) growth in adjusted revenues, 227% YoY growth in net income and a whopping 350% growth in adjusted net income.

And more recently, the company released another round of impressive fiscal data.

Specifically, on a YoY basis, Rocket Companies grew its revenues by 236%, its adjusted revenues by 91%, its net income by a mind-blowing 2,800% and its adjusted net income by 170%.

Borrowing some machinery jargon, Rocket Companies Vice Chairman and CEO Jay Farner commented, “Our flywheel only continues to accelerate as we look forward to the second quarter and the rest of 2021.”

RKT Stock: The Bottom Line

I wouldn’t blame anyone for pouncing on this opportunity in RKT stock.

The share price is down, and the revenues are up on a YoY basis for two quarters in a row.

And yes, the IPO was a bit strange. Nonetheless, investors can look past the oddity and take advantage of this rare market opportunity.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.