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Rocket Companies is still 50% off its 52-week high

Rocket Companies, Inc. (NYSE:RKT) is an American holding company consisting of personal finance and consumer technology that provide mortgage and financial services. RKT’s brands include Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Rocket Money, Rocket Solar, Rocket Mortgage Canada, Lendesk, Core Digital Media, Rocket Central, and Rock Connections. At last glance, RKT was trading up 7% at $10.30.

On Aug. 2, the personal finance company’s subsidiaries, Rocket Loans and Rocket Solar, announced a partnership to provide financing to clients who opt for their solar energy services. Rocket Solar provides consulting, system design, financing, installation, and ongoing service to homeowners across the United States.

Rocket stock has decreased about 36% over the past 12 months and have dropped 20% year-to-date. However, Rocket stock has increased 8% over the past month and is up 64% since bottoming at an all-time low of $6.27 in mid-June.

The personal finance company’s fundamentals spark nearly no excitement for the short-term. Despite Rocket stock’s massive decline over the past year, its valuation remains somewhat high. RKT trades at a forward price-earnings ratio of 23.15 and a price-sales ratio of 2.16. The company’s balance sheet also offers a worrisome amount of debt for long-term investor, featuring $14.7 billion in total debt and only $1.22 billion in cash.

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By admin