The price of Rocket Companies Inc. (NYSE:RKT) shares last traded on Wall Street rose 2.89% to $8.54.
Based on available information, 16 analysts follow Rocket Companies Inc. (NYSE:RKT). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $9.00 and a low of $4.50, we find $7.00. Given the previous closing price of $8.30, this indicates a potential downside of -15.66 percent. RKT stock price is now 22.24% away from the 50-day moving average and -2.36% away from the 200-day moving average. The market capitalization of the company currently stands at $16.03B.
Among analysts, 12 rate the stock a hold while 1 rate it a buy. Brokers who have rated the stock have averaged $6.98 as their price target over the next twelve months.
On September 06, 2022, JP Morgan Downgraded its previous ‘Overweight’ rating to ‘Neutral’ on the stock reducing its target price from $11 to quote $8.50, while ‘Keefe Bruyette’ rates the stock as ‘Underperform’.
In other news, Farner Jay, Chief Executive Officer bought 25,300 shares of the company’s stock on Nov 30. The stock was bought for $199,617 at an average price of $7.89. Upon completion of the transaction, the Chief Executive Officer now directly owns 5,651,907 shares in the company, valued at $48.27 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 30, Director Rizik Matthew bought 2,700 shares of the business’s stock. A total of $21,303 was incurred on buying the stock at an average price of $7.89. This leaves the insider owning 523,902 shares of the company worth $4.47 million. Insiders disposed of 85,529 shares of company stock worth roughly $0.73 million over the past 1 year. A total of 5.70% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RKT stock. A new stake in Rocket Companies Inc. shares was purchased by SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC during the first quarter worth $5,109,000. SQUAREPOINT OPS LLC invested $2,473,000 in shares of RKT during the first quarter. In the first quarter, BOKF, NA acquired a new stake in Rocket Companies Inc. valued at approximately $2,393,000. BOSTON PARTNERS acquired a new stake in RKT for approximately $2,155,000. ZWEIG-DIMENNA ASSOCIATES LLC purchased a new stake in RKT valued at around $1,836,000 in the second quarter. In total, there are 305 active investors with 65.00% ownership of the company’s stock.
A candlestick chart of Rocket Companies Inc. (NYSE: RKT) showed a price of $8.36 on Thursday morning. During the past 12 months, Rocket Companies Inc. has had a low of $5.97 and a high of $15.47. The fifty day moving average price for RKT is $6.99 and a two-hundred day moving average price translates $8.81 for the stock.
The latest earnings results from Rocket Companies Inc. (NYSE: RKT) was released for Jun, 2022. According to the Mortgage Finance Company, earnings per share came in at -$0.03, missing analysts’ expectations of $0.02 by -0.05. This compares to $0.70 EPS in the same period last year. The net profit margin was 1.40% and return on equity was 19.50% for RKT. The company reported revenue of $1.29 billion for the quarter, compared to $3.11 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -58.43 percent. For the current quarter, analysts expect RKT to generate $1.06B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 03/22/2022. Investors who held shares on 03/08/2022 were paid a $1.01 dividend.
Rocket Companies Inc.(RKT) Company Profile
Rocket Companies, Inc. engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business. It also offer Core Digital Media, a digital social and display advertiser in the mortgage, insurance, and education sectors; Rocket Solar, which connect homeowners with digital financing solutions through a team of trained solar advisors; Truebill, a personal finance app that helps clients manage every aspect of their financial lives; Lendesk, a technology services company that provides a point of sale system for mortgage professionals and a loan origination system for private lenders; and Edison Financial, a digital mortgage broker. In addition, the company originates, closes, sells, and services agency-conforming loans. Rocket Companies, Inc. was founded in 1985 and is headquartered in Detroit, Michigan. Rocket Companies, Inc. operates as a subsidiary of Rock Holdings, Inc.