Rocket Companies Inc [NYSE: RKT] slipped around -1.81 points on Wednesday, while shares priced at $12.30 at the close of the session, down -12.83%. The company report on April 9, 2024 at 9:00 AM that Rocket Companies Introduces Rocket Logic AI Platform to Make Homeownership Faster and Easier.
Patented platform simplifies and automates the end-to-end homebuying experience by leveraging generative AI, automation and machine learning.
Rocket Mortgage, America’s largest retail mortgage lender and a part of Rocket Companies (NYSE: RKT), today unveiled Rocket Logic – the company’s patented artificial intelligence (AI) driven technology platform designed to make homeownership simpler and quicker. This platform makes the mortgage process more efficient by combining insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with state-of-the-art deep learning and generative AI systems, allowing Rocket Mortgage to close more loans faster.
Compared to the average trading volume of 2.44M shares, RKT reached a trading volume of 5935872 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus 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 $11.29 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 3.60. 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.
Citigroup have made an estimate for Rocket Companies Inc shares, keeping their opinion on the stock as Sell, with their previous recommendation back on January 16, 2024. While these analysts kept the previous recommendation, Deutsche Bank raised their target price to Hold. The new note on the price target was released on January 10, 2024, representing the official price target for Rocket Companies Inc stock. Previously, the target price had yet another raise from $8.50 to $10.50, while JP Morgan kept a Underweight rating on RKT stock. On January 03, 2024, analysts increased their price target for RKT shares from 13 to 14.
The Average True Range (ATR) for Rocket Companies Inc is set at 0.71, with the Price to Sales ratio for RKT stock in the period of the last 12 months amounting to 0.47. The Price to Book ratio for the last quarter was 2.67, with the Price to Cash per share for the same quarter was set at 8.31. Price to Free Cash Flow for RKT in the course of the last twelve months was 33.65.
How has RKT stock performed recently?
Rocket Companies Inc [RKT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.10. With this latest performance, RKT shares dropped by -0.32% in over the last four-week period, additionally plugging by 51.29% over the last 6 months – not to mention a rise of 29.61% 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 42.75, with the RSI for the last a single of trading hit 37.82, and the three-weeks RSI is set at 45.83 for Rocket Companies Inc [RKT]. The present Moving Average for the last 50 days of trading for this stock 12.52, while it was recorded at 13.25 for the last single week of trading, and 10.74 for the last 200 days.
Earnings analysis for Rocket Companies Inc [RKT]
With the latest financial reports released by the company, Rocket Companies Inc posted -0.06/share EPS, while the average EPS was predicted by analysts to be reported at -0.09/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 33.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RKT.
Insider trade positions for Rocket Companies Inc [RKT]
The top three institutional holders of RKT stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in RKT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in RKT stock with ownership which is approximately 5.8386%.
