Mortgage Stocks Surge... Market Cap Increases by $2.7 Billion in One Day

Rocket Companies Inc. (RKT) closed at $20.35 on the New York Stock Exchange on February 2, up 8.47%. Heavy trading drove its market capitalization up by about $1.8 billion (roughly KRW 2.7 trillion), lifting the total to around $19.6 billion (about KRW 29 trillion), based on a recent exchange rate of approximately KRW 1,460 per dollar.

In its recently reported fourth-quarter 2024 results, Rocket posted revenue of $1.19 billion and earnings per share of $0.04, outpacing market expectations. The company also issued revenue guidance for the first quarter of 2025, further bolstering investor sentiment. Although the stock opened with a gap up ahead of its February 19 earnings announcement, a consumer class-action lawsuit alleging mortgage-steering practices poses a potential risk.

Headquartered in Detroit, Rocket Companies is a fintech and homeownership services firm that pioneered the online mortgage market through its subsidiary, Rocket Mortgage, now one of the largest mortgage lenders in the United States. The company traces its roots to Rock Financial, founded by Dan Gilbert in 1985; it later operated as Quicken Loans before going public on the NYSE in 2020. Rocket is now pursuing acquisitions of Redfin and Mr. Cooper as part of its transformation into an all-in-one housing platform combining mortgage lending, real estate brokerage, and related services.