Rocket Companies Inc. [NYSE: RKT] gained 0.83% on the last trading session, reaching $8.53 price per share at the time. The company report on March 7, 2023 that Rocket Mortgage Further Expands Affordable Homebuying Options with New BorrowSmart Access.
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Company launches second special purpose credit program in three months by offering new Freddie Mac program offering $3,000 to use toward a down payment for those buying in underrepresented communities.
Rocket Mortgage, the nation’s largest mortgage lender and part of Rocket Companies (NYSE: RKT), is the first national lender to offer Freddie Mac’s BorrowSmart Access SM program. The program offers a $3,000 credit for first time homebuyers to use toward their down payment – helping to reduce the largest hurdle to homeownership, especially in underserved communities.
Rocket Companies Inc. represents 1.97 billion in outstanding shares, while the company has a total market value of $17.32 billion with the latest information. RKT stock price has been found in the range of $8.19 to $8.58.
If compared to the average trading volume of 3.21M shares, RKT reached a trading volume of 4173608 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 $7.62 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 0.50, with the Price to Sales ratio for RKT stock in the period of the last 12 months amounting to 2.88. The Price to Book ratio for the last quarter was 1.80, with the Price to Cash per share for the same quarter was set at 0.36. Price to Free Cash Flow for RKT in the course of the last twelve months was 1.61.
Trading performance analysis for RKT stock
Rocket Companies Inc. [RKT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.07. With this latest performance, RKT shares dropped by -3.83% in over the last four-week period, additionally plugging by 10.35% over the last 6 months – not to mention a drop of -17.58% 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 50.73, with the RSI for the last a single of trading hit 52.51, and the three-weeks RSI is set at 50.55 for Rocket Companies Inc. [RKT]. The present Moving Average for the last 50 days of trading for this stock 8.61, while it was recorded at 8.40 for the last single week of trading, and 8.13 for the last 200 days.
Rocket Companies Inc. [RKT]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Rocket Companies Inc. [RKT] shares currently have an operating margin of +27.59 and a Gross Margin at +97.56. Rocket Companies Inc.’s Net Margin is presently recorded at +1.21.
Return on Equity for this stock inclined to 7.48, with Return on Assets sitting at 0.18.
An analysis of insider ownership at Rocket Companies Inc. [RKT]
There are presently around $755 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 $90.38 million in RKT stocks shares; and INVESCO LTD., currently with $52.38 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 9,259,594 shares, while 44 investors held positions by with 60,345,003 shares. The mentioned changes placed institutional holdings at 88,462,651 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.