Keefe Bruyette slashes price target on Rocket Companies Inc. [RKT] – find out why.

Rocket Companies Inc. [NYSE: RKT] closed the trading session at $9.45 on 08/25/22. The day’s price range saw the stock hit a low of $9.085, while the highest price level was $9.53. The company report on August 11, 2022 that Q2 Holdings and Rocket Mortgage Announce Partnership Providing Digital Home Loan Process to Banks and Credit Unions.

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Nashville-based Fourth Capital is the first financial institution to sign up for the new offering, giving clients access to a mobile-first home loan process.

Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, and Rocket Mortgage, America’s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced a new partnership enabling Q2 banks and credit unions to offer Rocket Mortgage’s digital home loan application experience, with live mortgage assistance, inside of Q2’s online banking platform.

The stocks have a year to date performance of -27.34 percent and weekly performance of -9.57 percent. The stock has been moved at -12.00 percent over the last six months. The stock has performed -0.21 percent around the most recent 30 days and changed 5.12 percent over the most recent 3-months.

If compared to the average trading volume of 3.33M shares, RKT reached to a volume of 3773156 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Rocket Companies Inc. [RKT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RKT shares is $8.71 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RKT stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Keefe Bruyette have made an estimate for Rocket Companies Inc. shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on August 08, 2022. The new note on the price target was released on July 06, 2022, representing the official price target for Rocket Companies Inc. stock. On May 16, 2022, analysts decreased their price target for RKT shares from 10 to 7.

The Average True Range (ATR) for Rocket Companies Inc. is set at 0.52, with the Price to Sales ratio for RKT stock in the period of the last 12 months amounting to 2.00. The Price to Book ratio for the last quarter was 2.10, with the Price to Cash per share for the same quarter was set at 0.43. Price to Free Cash Flow for RKT in the course of the last twelve months was 1.71.

RKT stock trade performance evaluation

Rocket Companies Inc. [RKT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.57. With this latest performance, RKT shares dropped by -0.21% in over the last four-week period, additionally sinking by -12.00% over the last 6 months – not to mention a drop of -43.49% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RKT stock in for the last two-week period is set at 46.97, with the RSI for the last a single of trading hit 42.99, and the three-weeks RSI is set at 49.31 for Rocket Companies Inc. [RKT]. The present Moving Average for the last 50 days of trading for this stock 8.97, while it was recorded at 9.38 for the last single week of trading, and 11.25 for the last 200 days.

Rocket Companies Inc. [RKT]: Insider Ownership positions

There are presently around $774 million, or 70.40% of RKT stock, in the hands of institutional investors. The top three institutional holders of RKT stocks are: VANGUARD GROUP INC with ownership of 10,449,882, which is approximately 4.202% of the company’s market cap and around 5.00% of the total institutional ownership; CALEDONIA (PRIVATE) INVESTMENTS PTY LTD, holding 9,312,452 shares of the stock with an approximate value of $88.0 million in RKT stocks shares; and INVESCO LTD., currently with $79.5 million in RKT stock with ownership of nearly -22.031% of the company’s market capitalization.

Positions in Rocket Companies Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 121 institutional holders increased their position in Rocket Companies Inc. [NYSE:RKT] by around 11,957,223 shares. Additionally, 116 investors decreased positions by around 10,440,838 shares, while 44 investors held positions by with 59,498,911 shares. The mentioned changes placed institutional holdings at 81,896,972 shares, according to the latest SEC report filing. RKT stock had 43 new institutional investments in for a total of 4,862,013 shares, while 45 institutional investors sold positions of 3,073,273 shares during the same period.


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