Rocket Companies Inc. [RKT] stock Downgrade by Credit Suisse analyst, price target now $7

Rocket Companies Inc. [NYSE: RKT] stock went on an upward path that rose over 2.16% on Wednesday, amounting to a one-week price decrease of less than -0.74%.

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Over the last 12 months, RKT stock dropped by -33.04%. The one-year Rocket Companies Inc. stock forecast points to a potential downside of -8.51. The average equity rating for RKT stock is currently 3.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $16.21 billion, with 115.37 million shares outstanding and 114.07 million shares in the current float. Compared to the average trading volume of 3.11M shares, RKT stock reached a trading volume of 3465178 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $7.40 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 3.20. 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.

Credit Suisse have made an estimate for Rocket Companies Inc. shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on January 09, 2023. The new note on the price target was released on November 16, 2022, representing the official price target for Rocket Companies Inc. stock. Previously, the target price had yet another drop from $11 to $8.50, while JP Morgan kept a Neutral rating on RKT stock.

The Average True Range (ATR) for Rocket Companies Inc. is set at 0.42, with the Price to Sales ratio for RKT stock in the period of the last 12 months amounting to 1.99. The Price to Book ratio for the last quarter was 1.71, with the Price to Cash per share for the same quarter was set at 0.41. Price to Free Cash Flow for RKT in the course of the last twelve months was 1.17.

RKT Stock Performance Analysis:

Rocket Companies Inc. [RKT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.74. With this latest performance, RKT shares dropped by -13.38% in over the last four-week period, additionally sinking by -3.25% over the last 6 months – not to mention a drop of -33.04% 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 39.83, with the RSI for the last a single of trading hit 34.83, and the three-weeks RSI is set at 43.75 for Rocket Companies Inc. [RKT]. The present Moving Average for the last 50 days of trading for this stock 8.39, while it was recorded at 7.94 for the last single week of trading, and 8.15 for the last 200 days.

Rocket Companies Inc. [RKT] Insider Position Details

There are presently around $710 million, or 65.20% of RKT stock, in the hands of institutional investors. The top three institutional holders of RKT stocks are: VANGUARD GROUP INC with ownership of 10,856,327, which is approximately 7.757% of the company’s market cap and around 5.90% of the total institutional ownership; CALEDONIA (PRIVATE) INVESTMENTS PTY LTD, holding 10,595,154 shares of the stock with an approximate value of $85.08 million in RKT stocks shares; and INVESCO LTD., currently with $49.31 million in RKT stock with ownership of nearly -26.489% of the company’s market capitalization.

Positions in Rocket Companies Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 123 institutional holders increased their position in Rocket Companies Inc. [NYSE:RKT] by around 18,858,054 shares. Additionally, 106 investors decreased positions by around 9,258,976 shares, while 44 investors held positions by with 60,346,597 shares. The mentioned changes placed institutional holdings at 88,463,627 shares, according to the latest SEC report filing. RKT stock had 54 new institutional investments in for a total of 7,158,490 shares, while 31 institutional investors sold positions of 2,568,429 shares during the same period.


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