Why Rocket Companies, Inc. (RKT) Soared on Tuesday

We recently compiled a list of the 10 Stocks Firm Up Amid Cautious Trading. In this article, we are going to take a look at where Rocket Companies, Inc. (NYSE:RKT) stands against the other stocks.

Wall Street extended its lackluster performance on Tuesday, with two major indices finishing with only slight changes amid a series of key factors keeping investor sentiment neutral.

Only the Dow Jones finished in the green territory, posting a 0.37 percent gain. In contrast, the S&P decreased by 0.47 percent while the tech-heavy Nasdaq fell by 1.37 percent.

During the last trading session, ten companies defied a generally cautious market, albeit posting only modest gains. In this article, we have detailed the reasons behind their stronger performance.

To come up with Tuesday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily 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, Inc. (NYSE:RKT) rallied by 5.19 percent on Tuesday to finish at $13.78 apiece as investors repositioned portfolios ahead of the release of its 2024 earnings performance on Thursday, February 27.

For the fourth quarter, analysts expect the company to post earnings per share of $0.03 and revenues of $1.15 billion.

Rocket Companies, Inc. (NYSE:RKT) announced earlier this month its new program called RocketRentRewards—its first offer to provide closing cost credit for renters.

With a Rocket Companies, Inc. (NYSE:RKT) mortgage, homebuyers can earn 10 percent back in the last 12 months of rental payments and up to $5,000 in lender credits toward closing costs. With the national average rent at $1,800, this translates to $2,160 applied toward a client’s closing costs.

Rocket Companies, Inc. (NYSE:RKT) is a Detroit-based financial technology platform that commits to “Help Everyone Home” through services such as mortgage, real estate, and personal finance. It owns the brands Rocket Mortgage, Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans.

Overall RKT ranks 7th on our list of Tuesday’s top gainers. 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 that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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