Long Position on RKT @ $27.60 on 8/26/2020 (Momentum)

Rocket Companies, Inc. (RKT) engages in the mortgage business in the United States.

It is involved in originating, processing, underwriting, and servicing predominantly government sponsored enterprises (GSE)-conforming mortgage loans, as well as Fair Housing Act, U.S. Department of Agriculture, and U.S. Department of Veteran's Affairs mortgage loans.

The company's flagship business is Rocket Mortgage that offers GSE-conforming and government insured mortgage loan products, which are marketed in 50 states through the internet, national television, and other marketing channels.

It is also involved in real estate, personal lending, and auto sales businesses.

The company operates offices located in Detroit, Michigan; Cleveland, Ohio; Scottsdale, Arizona; Charlotte, North Carolina; and Los Angeles, California. Rocket Companies, Inc. was founded in in 1985 and is headquartered in Detroit, Michigan.

Following the stock's recent performance following its recent IPO, the momentum should continue push shares higher.

Entry Point: $27.60

Trading Range: $17.50 - $29.96

Stop Loss: $26.30

Target Price: $30.50

Updates

9/1/2020 3:39:11 PM

RKT closed at $30.90

Position closed on 9/1/2020 at price of $30.90 with a 11.96% gain in 6 days.

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