August 11, 2020

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

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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, By Jen Wieczner, Fortune

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

Word Count:
452

Words/Sentence:
27

Reading Time:
3.01 min

Reading Quality:
Adept

Readability:
13th to 15th

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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%.

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.

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.

"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.

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