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It looks like the Redditors are hot for a new ride as Rocket Companies (NYSE: RKT) started pre-market trading Tuesday morning, with RKT shares trading at 7:30 a.m. more than 14% to the east

According to Unbias Stock, the RKT share has achieved the second highest number of mentions on Reddit’s r / WallStreetBets in the past 12 hours.The well-known meme stocks GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) fascinate the Retail industry still in the top and third places

The surge comes after a big day on Monday when investors trade about three times the average daily volume of Rocket stock and jump the stock price by more than 11% The shares went public on the New York Stock Exchange in August 2020
The move extended profits from Feb.25, when the country’s leading mortgage lender announced that adjusted earnings were up 350% in the fourth quarter, representing a 144% increase in revenue from the fourth quarter of 2019, with these results making it possible the Detroit company to pay out a dollar11 special dividend

In just two short years, the Detroit-based fintech company has tacitly grown to become America’s largest mortgage lender, and with just a 92% market share in a massive $ 2 trillion market, the company has ample room for growth

As a mortgage lender, Rocket’s assets are tied to interest rates and 10 year US Treasury bills, specifically the yield on these bonds rose to more than 16% last week, fell to almost 1.4% on Monday

This easing in yield could have been enough for investors to gain some confidence in the state of the home finance market in the coming weeks and months. Any slip is a good omen for potential home purchases and refinances

Rocket primarily operates a mortgage business.Customers call (or more often use the mobile app or website) to get a new mortgage or refinance.The company will then either approve or decline the loan, declare the interest rates, and run a property insurance review during the year In 2019, Rocket took out such mortgages worth $ 145 billion. In the recently reported results for 2020, the originations were over $ 320 billion

At the time of this writing, Robert Lakin held (neither directly nor indirectly) positions in the securities referred to in this article

InvestorPlace associate Robert Lakin is a seasoned finance writer and editor who follows fintech, agtech, and property tech startups

Financial market data from FinancialContent Services, Inc All rights reserved by Nasdaq
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Source: https://investorplace.com/2021/03/rkt-stock-3-reasons-rocket-gaining-reddit-stocks-wallstreetbets/