Rocket Companies (RKT) is sharply higher Tuesday morning. There's no new developments with the company today, but it seems momentum from a strong earnings report last week has put the wind at the back of the stock price. As of 8 a.m. Tuesday morning, shares were trading at 28.15, up 15.6% from Monday's closing price
The company reported a blow-out quarter on Feb. 25, earning $1.14 per share on revenue of $4.7 billion, against estimates for $0.88 per share on $4.0 billion. The company also announced a special dividend of $1.11 per share. The stock will trade ex-dividend for that payment on March 8.
Rocket's direct-to-consumer lending model has benefitted from the pandemic in several ways. First, the housing market has been red-hot as professionals working at home have tried to upgrade their living spaces. Second, the company's app-first approach to many loans is advantageous in a period where potential borrowers are trying to minimize face-to-face contact and many bank branches are closed or open in some limited capacity.
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