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Rocket Companies (RKT) Gains As Market Dips: What You Should Know

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Zacks Equity Research
·2 min read
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In the latest trading session, Rocket Companies (RKT) closed at $23, marking a +1.32% move from the previous day. This change outpaced the S&P 500's 2.57% loss on the day. Meanwhile, the Dow lost 2.05%, and the Nasdaq, a tech-heavy index, lost 2.61%.

Investors will be hoping for strength from RKT as it approaches its next earnings release.

Any recent changes to analyst estimates for RKT should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 8.68% higher within the past month. RKT currently has a Zacks Rank of #1 (Strong Buy).

Investors should also note RKT's current valuation metrics, including its Forward P/E ratio of 13.19. This valuation marks a discount compared to its industry's average Forward P/E of 34.09.

Investors should also note that RKT has a PEG ratio of 1.32 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. RKT's industry had an average PEG ratio of 2.58 as of yesterday's close.

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 209, putting it in the bottom 19% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow RKT in the coming trading sessions, be sure to utilize Zacks.com.


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