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Rocket Companies, Inc. published its Q3 financial results on November 3, 2022. The firm provides an array of mortgage origination, servicing and related lending services in the United States.
Mortgage Origination is a cyclical business, dependent on stable interest rates. In 2022, the Federal Reserve hiked rates at a pace never seen before.
The worst appears to be over for the mortgage space.
Rocket Companies Inc (NYSE:RKT) is seeing a bullish options surge today, with 22,000 calls across the tape so far, which is three times the intraday average.
The mortgage market is highly cyclical, but Rocket is working to diversify its business.
Rocket Companies, Inc. (NYSE:RKT ) Q3 2022 Results Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Sharon Ng - Vice President-Investor Relations Jay Farner - Vice Chairman and Chief Executive Officer Brian Brown - Chief Accounting Officer Conference Call Participants James Faucette - Morgan Stanley Kevin Barker - Piper Sandler Ryan Nash - Goldman Sachs Doug Harter - Credit Suisse Mark DeVries - Barclays Derek Sommers - Jefferies Kevin Kaczmarek - Zelman & Associates Arren Cyganovich - Citigroup Operator Good morning. My name is Chris and I will be your conference operator today.
Suffice it to say that 2022 is a tough year to be a mortgage origination specialist like Rocket Companies (NYSE: RKT ). Frankly, RKT stock has behaved like a rocket that ran out of fuel.
Insider buys are widely followed by investors and for valid reasons. If an insider buys, it could only mean one thing - they expect shares to move upwards.
The mortgage lender has been hurt by a rough housing market.
The bad news - current mortgage banking recession still could disappoint on the downside over the next year. But the bottom is in sight for the business.