Is Rocket Companies Stock a Buy?
Rocket Companies' (NYSE: RKT) stock hit the market in 2020, going public as the U.S.'s largest residential home mortgage lender. Its share price subsequently rocketed as it had a record year for loan originations in 2020. But the stock price has come down sharply since then as inflation surged higher, interest rates climbed, the refinancing boom cooled, and home sales stagnated.
As the housing market appears increasingly bleak, what is the outlook for Rocket Companies as a stock?
Since it went public in August 2020 at $18 per share, Rocket's share price has dropped down to about $7.10 -- including a 49.3% year-to-date drop. This has been a terrible market for mortgage lenders, and it may not get better any time soon, with mortgage rates expected to continue to climb.
Source Fool.com
