In its IPO documents, the company warned that the COVID-19 crisis could dampen that trajectory. Last year, the company had more than $892 million in net income. In 2019, Rocket Companies made more than $5.1 billion in revenues, a figure the firm expects to at least quadruple in 2020, according to its financial disclosures. 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. In 2015, Quicken Loans launched Rocket Mortgage, an online mortgage application platform that has helped fuel the company’s growth, particularly in direct-to-consumer loans. The IPO raised $1.8 billion for the Detroit-based company whose subsidiary Quicken Loans is now the largest mortgage lender in the U.S. The stock’s debut, however, was more rocky than rocket: After Rocket Companies priced its initial public offering at $18 a share Wednesday-below the expected range of $20 to $22 a share-the fintech conglomerate’s stock initially sank as low as $17.50 when it began trading late in the morning.Īfter 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. To enjoy unlimited access to our journalism, subscribe today. Our mission to help you navigate the new normal is fueled by subscribers.

Rocket mortgage stock chart