Rocket Cos (RKT, $27.17) shares plunge, despite Q1 profit

Rocket Cos.  Shares were plunging  in premarket trading Thursday, despite following the company’s first quarter positive earnings. The company had its IPO last month.

The parent company of mortgage-lending giant Quicken Loans reported earnings of $3.5 billion (compared to a loss of -$54 million in the year-ago period). Adjusted earnings before interest, taxes, depreciation and amortization were $3.8 billion.

Quarterly revenue came in at $5 billion.

The company’s closed origination volume in the quarter was a record $72.3 billion, a +126% surge year-over-year.

Rocket posted net-rate lock volume of $92 billion, up +170% from the year ago period. It expects third-quarter net rate lock volume in the range of $93 billion to $98 billion.

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Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.