The trading price of Rocket Companies Inc. (NYSE:RKT) floating higher at last check on Wednesday, June 22, closing at $6.95, 2.51% higher than its previous close.
Traders who pay close attention to intraday price movement should know that it has been fluctuating between $6.44 and $6.8227. The company’s P/E ratio in the trailing 12-month period was 10.85. In examining the 52-week price action we see that the stock hit a 52-week high of $19.36 and a 52-week low of $6.27. Over the past month, the stock has lost -24.58% in value.
Rocket Companies Inc., whose market valuation is $13.67 billion at the time of this writing, is expected to release its quarterly earnings report Feb 23, 2022 – Feb 28, 2022. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0.29 per share this quarter, however they have predicted annual earnings per share of $0.98 for 2022 and $1.11 for 2023. It means analysts are expecting annual earnings per share growth of -56.60% this year and 13.30% next year.
Analysts have forecast the company to bring in revenue of $1.79 billion for the current quarter, with the likely lows of $1.4 billion and highs of $2.78 billion. The average estimate suggests sales will likely down by -38.60% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2022 is $7.85 billion. The company’s revenue is forecast to drop by -39.20% over what it did in 2022.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Rocket Companies Inc. 1 upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest RKT has a 100% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Sell, while an average of long term indicators suggests that the stock is currently 100% Sell.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned RKT a recommendation rating is 17. Out of them, 13 rate it a Hold, while 1 recommend Buy, whereas 1 assign an Overweight rating. 2 analyst(s) have tagged Rocket Companies Inc. (RKT) as Underweight, while 0 advise Sell. Analysts have rated the stock Hold, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
A quick review shows that RKT’s price is currently -14.91% off the SMA20 and -19.24% off the SMA50. The RSI metric on the 14-day chart is currently showing 35.99, and weekly volatility stands at 6.81%. When measured over the past 30 days, the indicator reaches 5.41%. Rocket Companies Inc. (NYSE:RKT)’s beta value is currently sitting at 0, while the Average True Range indicator is currently displaying 0.50. With analysts defining $6.50-$11.00 as the low and high price targets, we arrive at a consensus price target of $8.46 for the trailing 12-month period. The current price is about 6.47% off the estimated low and -58.27% off the forecast high, based on this estimate. Investors will be thrilled if RKT’s share price rises to $9.00, which is the median consensus price. At that level, RKT’s share price would be -29.5% below current price.
To see how Rocket Companies Inc. stock has been performing today in comparison to its peers in the industry, here are the numbers: RKT stock’s performance was 2.51% at last check in today’s session, and -62.03% in the past year, while UWM Holdings Corporation (UWMC) has been trading 4.00% in recent session and positioned -64.40% lower than it was a year ago. Another comparable company MGIC Investment Corporation (MTG) saw its stock trading 0.22% higher in today’s session but was down -15.90% in a year. Furthermore, Radian Group Inc. (RDN) showed an increase of 1.22% today while its price kept declining at -19.61% over the past year. Rocket Companies Inc. has a P/E ratio of 10.85, compared to UWM Holdings Corporation’s 5.85 and MGIC Investment Corporation’s 5.95. Also during today’s trading, the S&P 500 Index has surged 0.47%, while the Dow Jones Industrial also saw a positive session, up 0.22% today.
An evaluation of the daily trading volume of Rocket Companies Inc. (NYSE:RKT) indicates that the 3-month average is 4.64 million.
Currently, records show that 115.37 million of the company’s shares remain outstanding. The insiders hold 3.70% of outstanding shares, whereas institutions hold 68.40%. However, since the stock’s price has seen -47.87% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.