August 11, 2020

Fortune: Rocket Companies IPO: Stock of Quicken Loans parent company rises almost 20% following debut

  • Science4Data Article Insights
Book a Demo
  • This field is for validation purposes and should be left unchanged.
Science4Data Article Insights

https://fortune.com/2020/08/06/rocket-companies-ipo-rkt-stock-shares-quicken-loans-rocket-mortgage-dan-gilbert-initial-public-offering-ticker-stock-market/

Rocket Companies IPO: Stock of Quicken Loans parent company rises almost 20% following debut

2020-08-06 00:00:00, Jen Wieczner, Fortune

Content Categorization
/Business & Industrial
/News/Business News
/Finance

Word Count:
373

Words/Sentence:
27

Reading Time:
2.49 min

Reading Quality:
Intermediate

Readability:
11th or 12th

Media Sentiment
Proprietary sentiment analysis on both the headline and body text of the article. Sentiment scores range from -1 (very negative sentiment) to 1 (very positive sentiment).
RCS Analysis
Relative scoring for Risk, Crisis, and Security language within the article.
Risk Score
Scoring based on the composite risk, security and crisis language within an article compared to a baseline of historic analysis across thousands of diverse articles.
PESTEL Scope
Analysis of article orientation across the PESTEL macro-environmental analysis framework. Learn more about PESTEL.
Entity Word Cloud
Key people, places, organizations and events referenced in the article, weighted by frequency and colored based on contextual sentiment.
Auto Summary
Condensing key features of the article based on salience analysis. Helpful for “gisting” the article in a time crunch.

After rising slowly after that, Rocket Companies stock, trading under the ticker symbol "RKT" on the NYSE, surged as high as $22.76 a share in the mid-afternoon, only to quickly give back some of those gains, closing up nearly 20%.

The company was founded by Dan Gilbert, a billionaire entrepreneur who remains Rocket Companies' chairman and is also the majority owner of the Cleveland Cavaliers basketball team.

Shares of Rocket Companies, the parent of Quicken Loans and Rocket Mortgage, rose as much as 26% Thursday afternoon on its first day of stock market trading.

Even as the economy has suffered during the coronavirus pandemic, Rocket Companies has continued to grow, originating $72.3 billion in loans in the second quarter of 2020, up 40% from the first three months of the year, and more than double the amount during that period in 2019.

"If the COVID-19 pandemic leads to a prolonged economic downturn with sustained high unemployment rates, we anticipate that real estate transactions will continue to decrease.

Keywords
rocket companies stock, rocket mortgage, ipo, rocket ipo, rocket companies ipo, quicken stock, quicken loans, quicken loans mortgage, rocket stock, quicken ipo, quicken loans stock, rkt stock, rocket loans, rocket companies, rkt, rocket mortgage stock, quicken loans ipo

Share

Interested in Learning More?

Article Analysis is at the foundation of powerful media monitoring and insights. Learn what you can build with powerful curated search engines, real-time listening and trend analysis on the topics, markets and companies critical to your organization.