Rocket Companies (NYSE:RKT) stock is on the move Monday following news of an acquisition deal with Truebill.
Let’s break down that deal below for potential RKT stock investors!
- First off, note that Rocket is a company focused on mortgages and is also expanding into auto loans.
- Truebill is a financial services company with some 2.5 million users.
- Another quick highlight is the company doubling its user base over the last year.
- It acts as a financial hub that helps customers better manage their funds, as well as other financial aspects of their lives.
- The company currently boasts a 91% retention rate.
- It’s also set to see revenue more than double in 2021 when compared to the previous year.
- This has it on its way to generating an annual revenue of $100 million.
- Rocket is buying Truebill for a total of $1.275 billion.
- The current expectation is for this deal to close before the end of the year.
- News of the Truebill acquisition is spurring extra interest in RKT stock today.
- As a result, more than 5 million shares of the company’s stock have changed hands.
- That’s already above the company’s daily average trading volume of about 4.3 million shares.
- RKT stock is also heading lower on today’s acquisition news.
- That’s not surprising as companies typically see their shares fall with an acquisition announcement.
- It could be that today’s heavy trading comes from investors picking up shares of RKT stock on that dip.
RKT stock is down 7.5% as of Monday afternoon and is down 28.6% since the start of the year.
There’s more stock market news for investors to check out below!
We’ve got all the stock news traders are looking for on Monday. Among that is Can-Fite BioPharma (NYSEAMERICAN:CANF) stock jumping on liver cancer news, AMC Entertainment (NYSE:AMC) rising on Spider-Man: No Way Home box office performance, as well as why stocks are down today. You can get all that info from the following links!
More Stock Market News for Friday
- CANF Stock Alert: The Liver Cancer News Catapulting Can-Fite BioPharma Shares Higher Today
- AMC Stock: There Are 7 Million Reasons AMC Is on Wall Street’s Big Screen Today
- Monday Market News: Why Are Stocks Down Today?
On the date of publication, William White 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.