why Rocket Companies Inc. [RKT] is a Good Choice for Investors After New Price Target of $8.21

Rocket Companies Inc. [NYSE: RKT] gained 7.39% or 0.47 points to close at $6.83 with a heavy trading volume of 3996166 shares. The company report on October 20, 2022 that Rocket Companies Announces Third Quarter 2022 Earnings Date.


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Rocket Companies, Inc. (NYSE: RKT) (“Rocket Companies” or the “Company”), a Detroit-based FinTech platform company consisting of tech-driven real estate, mortgage, and financial services businesses – including Rocket Mortgage, Rocket Homes, Rocket Auto and Rocket Money (formerly known as Truebill) – today announced the Company will issue its third quarter earnings on November 3, 2022. Leadership will host a conference call to discuss results at 4:30 p.m. ET on this date, and a press release detailing the Company’s results will be issued prior to the call.

A live webcast of the event will be available online at ir.rocketcompanies.com, or by navigating to Rocket Companies’ 3Q Earnings Call Webcast. A replay of the webcast will be available on the Investor Relations website following the conclusion of the event. If you are having issues viewing the webcast, please see the event help guide.

It opened the trading session at $6.38, the shares rose to $6.88 and dropped to $6.38, the range by which the price of stock traded the whole day. The daily chart for RKT points out that the company has recorded -23.34% loss over the past six months. However, it is still -14.41% lower than its most recent low trading price.

If we look at the average trading volume of 3.21M shares, RKT reached to a volume of 3996166 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $8.21 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.

JP Morgan have made an estimate for Rocket Companies Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 06, 2022. The new note on the price target was released on August 08, 2022, representing the official price target for Rocket Companies Inc. stock. Previously, the target price had yet another raise to $10, while Wells Fargo analysts kept a Overweight rating on RKT stock.

The Average True Range (ATR) for Rocket Companies Inc. is set at 0.40, with the Price to Sales ratio for RKT stock in the period of the last 12 months amounting to 1.34. The Price to Book ratio for the last quarter was 1.52, with the Price to Cash per share for the same quarter was set at 0.47. Price to Free Cash Flow for RKT in the course of the last twelve months was 1.14.

Trading performance analysis for RKT stock

Rocket Companies Inc. [RKT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.73. With this latest performance, RKT shares gained by 1.64% in over the last four-week period, additionally sinking by -23.34% over the last 6 months – not to mention a drop of -55.79% 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 47.88, with the RSI for the last a single of trading hit 53.51, and the three-weeks RSI is set at 45.16 for Rocket Companies Inc. [RKT]. The present Moving Average for the last 50 days of trading for this stock 7.60, while it was recorded at 6.47 for the last single week of trading, and 9.51 for the last 200 days.

An analysis of insider ownership at Rocket Companies Inc. [RKT]

There are presently around $562 million, or 71.70% 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 5.30% of the total institutional ownership; CALEDONIA (PRIVATE) INVESTMENTS PTY LTD, holding 9,312,452 shares of the stock with an approximate value of $63.6 million in RKT stocks shares; and INVESCO LTD., currently with $57.46 million in RKT stock with ownership of nearly -22.031% of the company’s market capitalization.

123 institutional holders increased their position in Rocket Companies Inc. [NYSE:RKT] by around 12,363,818 shares. Additionally, 107 investors decreased positions by around 10,324,567 shares, while 43 investors held positions by with 59,633,259 shares. The mentioned changes placed institutional holdings at 82,321,644 shares, according to the latest SEC report filing. RKT stock had 42 new institutional investments in for a total of 4,882,861 shares, while 39 institutional investors sold positions of 3,031,384 shares during the same period.

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