RKT Stock price: Rocket Companies Inc. expected to remain volatile

RKT debuted with a huge advantage but in an uncertain scenario.
Preliminary quarterly results released last week point to a bullish continuation.
RKT up after the opening, struggling to extend gains.

FXStreet Team FXStreet

Rocket Companies Inc. [NYSE:RKT] is grabbing some attention these days after debuting this month, initially rallying post-IPO, then returning to near its IPO price. Opposed to other big names, Rocket was actually profitable and generating returns, making of it a more interesting investment.

RKT stock news

The company reported preliminary second-quarter results last Friday, reporting an adjusted revenue of $5.3 B, an increase of 300% when compared to Q2 of 2019. Adjusted net income for the same period was $2.8B, an increase of 995% when compared to a year earlier.

Beyond the stock itself, stocks have been quite volatile these days amid turmoil in the US. Mounting tensions between the US and China, no progress in a coronavirus fiscal stimulus package, and uncertainty related to post-pandemic growth, all combined to force investors into a cautious approach.

RKT stock chart

US indexes are struggling around their opening levels at the beginning of the session, but NYSE:RKT is up 1.05% at 19.24. Yesterday’s close comes at 19.04 with a break below it, exposing the 52-week low at 17.50. It seems unlikely it could reach such a low as the market’s sentiment is generally positive. RKT hit a pre-opening high at 19.45, and an advance beyond it could attract additional buying interest.

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FXStreet Team

FXStreet

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