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Rocket Companies Inc. (NYSE: RKT): On Track To A Higher Share Price

Rocket Companies Inc. (NYSE:RKT) shares, rose in value on Thursday, May 25, with the stock price down by -1.13% to the previous day’s close as strong demand from buyers drove the stock to $7.75.

Actively observing the price movement in the recent trading, the stock is buoying the session at $7.84, falling within a range of $7.665 and $7.98. The value of beta (5-year monthly) is 2.04. Referring to stock’s 52-week performance, its high was $11.38, and the low was $5.97. On the whole, RKT has fluctuated by -9.13% over the past month.

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With the market capitalization of Rocket Companies Inc. currently standing at about $15.64 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 02, 2023 – Aug 07, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.04, which is expected to increase to $0.04 for fiscal year -$0.07 and then to about $0.5 by fiscal year 2024.

Analysts have estimated the company’s revenue for the quarter at $969.73 million, with a low estimate of $941 million and a high estimate of $997 million. According to the average forecast, sales growth in current quarter could jump down -30.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $3.75 billion, representing a decrease of -35.80% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that RKT’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Sell.

17 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 11 analyst(s), 1 recommend it as a Buy and 1 called the RKT stock Overweight. In the meantime, 2 analyst(s) believe the stock as Underweight and 2 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RKT currently trading nearly -6.96% and -10.80% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 34.91, while the 7-day volatility ratio is showing 3.98% which for the 30-day chart, stands at 3.91%. Furthermore, Rocket Companies Inc. (RKT)’s average true range (ATR) is 0.33. The company’s stock has been forecasted to trade at an average price of $8.11 over the course of the next 52 weeks, with a low of $6.00 and a high of $10.00. Based on these price targets, the low is 22.58% off current price, whereas the price has to move -29.03% to reach the yearly target high. Additionally, analysts’ median price of $8.50 is likely to be welcomed by investors because it represents a decrease of -9.68% from the current levels.

A comparison of Rocket Companies Inc. (RKT) with its peers suggests the former has fared considerably weaker in the market. RKT showed an intraday change of -1.13% in today’s session so far, and over the past year, it shrunk by -11.41%%. In comparison, UWM Holdings Corporation (UWMC) has moved higher at 0.51% today and is up 27.00% over the past 12 months. On the other hand, the price of MGIC Investment Corporation (MTG) has fallen -0.10% today. The stock, however, is off 13.37% from where it was a year ago. Additionally, there is a loss of -0.40% for Radian Group Inc. (RDN) in recent trading while the stock has seen an overall depriciation of 23.02%% over the past year. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.66%. Meanwhile, the Dow Jones Industrial Slipped by -0.17%.

Data on historical trading for Rocket Companies Inc. (NYSE:RKT) indicates that the trading volumes over the past 10 days have averaged 1.74 million and over the past 3 months, they’ve averaged 2.35 million. According to company’s latest data on outstanding shares, there are 1.98 billion shares outstanding.

Nearly 5.90% of Rocket Companies Inc.’s shares belong to company insiders and institutional investors own 65.20% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 32.93 million shares as on Apr 27, 2023, resulting in a short ratio of 17.38. According to the data, the short interest in Rocket Companies Inc. (RKT) stood at 26.02% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 33.43 million. The stock has risen by 10.74% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RKT stock heading into the next quarter.

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