Why Rocket Companies Inc. (RKT) Is Skyrocketing Today?

We recently published a list of 10 Stocks Skyrocketing Today. In this article, we are going to take a look at where Rocket Companies Inc. (NYSE:RKT) stands against other stocks that are skyrocketing today.

The stock market ended mixed on Wednesday, with the Dow Jones emerging as the sole decliner, as investors digested more news of tariff threats from President Donald Trump.

The Dow dropped by 0.20 percent, while the S&P 500 and Nasdaq clocked in gains of 0.49 percent and 1.22 percent, respectively.

Meanwhile, 10 companies, predominantly those riding the AI wave, were touted as investors’ haven, clocking in gains during a cautious trading session.

In this article, we have identified the 10 strongest firms on Wednesday and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in trading volume.

A businessperson using a laptop to review the details of a mortgage loan for a client.

Rocket Companies Inc. (NYSE:RKT)

Rocket Companies rose by 8.12 percent on Wednesday to end at $14.25 each as investors resorted to bargain-hunting following Tuesday’s second consecutive day of dip, as investors continued to digest news of its $1.75-billion acquisition of real estate brokerage company Redfin.

In a statement, RKT said it had entered into an agreement with Redfin for an all-stock deal for $12.50 per Redfin share or a total of $1.75 billion.

Founded in 2004, Redfin is one of America’s most recognized real estate brands, operating a top-three home search platform with more than 1 million for-sale and rental listings and a tech-powered brokerage of more than 2,200 agents.

Meanwhile, RKT boasts itself as a growing provider of home financing to homebuyers for 40 years now. By combining Redfin’s home search and real estate agent network with RKT’s mortgage origination and servicing capabilities, the company envisions a more seamless experience from search to close, to servicing and future transactions.

Overall, RKT ranks 9th on our list of stocks that are skyrocketing today. While we acknowledge the potential of RKT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RKT but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: None. This article is originally published at Insider Monkey.