Jim Cramer on Rocket Companies: “This One Has Already Gone Off”

Rocket Companies, Inc. (NYSE:RKT) is one of the stocks Jim Cramer offered insights on. A caller asked whether this week’s rate cut and the likelihood of additional cuts could lead to a surge in it due to falling mortgage rates. Cramer replied:

“Man, everyone’s kind of, here’s the problem, sir: Everyone’s kind of done that trade. I would much rather see you be in Wells, which is resting here at 80. Divide it by four and call it a $20 stock. I just think what matters is that Wells is the one at this point, that is, it’s spring-loaded. This one has already gone off.”

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

Rocket Companies, Inc. (NYSE:RKT) delivers mortgage, real estate, and personal finance solutions through brands like Rocket Mortgage, Rocket Homes, Rocket Loans, and Rocket Money, alongside software services such as Lendesk. The company also provides appraisal, settlement, and loan origination services while originating, closing, selling, and servicing agency-conforming loans. When a caller inquired about the company in light of rate cuts in a May episode, Cramer replied:

“If that’s the case, if that scenario occurs, then you gotta buy, buy, buy…. Now that’s not my scenario. My scenario is that nothing happens because the president is doing stuff that’ll make it so that Mr. Powell may say, listen, I can’t encourage any inflation, and that could go on for a little bit. But you know what? I think Rocket’s a very fine company.”

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Disclosure: None. This article is originally published at Insider Monkey.