Sunday, June 26, 2022

Buying Buzz: Rocket Companies Inc. [RKT] Chief Executive Officer Farner Jay acquires 28,600 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Rocket Companies Inc. shares valued at $199,342 were purchased by Farner Jay on Jun 22. At $6.97 per share, Farner Jay acquired 28,600 shares. The insider’s holdings grew to 2,798,407 shares worth approximately $20.74 million following the completion of this transaction.


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Also, Rizik Matthew purchased 3,100 shares, netting a total of over 21,607 in proceeds. Following the buying of shares at $6.97 each, the insider now holds 214,902 shares.

Before that, Rizik Matthew had added 3,200 shares to its account. In a trade valued at $21,536, the Director bought Rocket Companies Inc. shares for $6.73 each. Upon closing the transaction, the insider’s holdings increased to 3,200 shares, worth approximately $1.57 million.

As published in a research note from Argus on May 31, 2022, Rocket Companies Inc. [RKT] has been rated down from a Buy to a Hold. Analysts at Keefe Bruyette upgraded the stock from ‘”an Underperform”‘ to ‘”a Mkt perform”‘ outlook in a report released in mid May. As of May 11, 2022, Citigroup has decreased its “Buy” rating to a “Neutral” for RKT. Earlier on February 22, 2022, BofA Securities upgraded its rating. Their new recommendation was “a Neutral” for RKT stock which previously was a “an Underperform”.

Analyzing RKT’s Price Performance

On Thursday, Rocket Companies Inc. [NYSE: RKT] rose 6.47% to $7.41. The stock’s lowest price that day was $6.98, but it reached a high of $7.43 in the same session. During the last five days, there has been a surge of approximately 6.16%. Over the course of the year, Rocket Companies Inc. shares have dropped approximately -43.02%. Shares of the company reached a 52-week high of $15.26 on 01/04/22 and a 52-week low of $6.27 on 06/17/22. A 50-day SMA is recorded $8.50, while a 200-day SMA reached $12.84. Nevertheless, trading volume fell to 3.67 million shares from 5.74 million shares the previous day.

Support And Resistance Levels for Rocket Companies Inc. (RKT)

According to the 24-hour chart, there is a support level at 7.12, which, if violated, would cause prices to drop to 6.82. In the upper region, resistance lies at 7.57. The next price resistance is at 7.72. RSI (Relative Strength Index) is 43.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.50, which suggests the price will decrease in the coming days. Percent R is at 56.71%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Rocket Companies Inc. subject to short interest?

Stocks of Rocket Companies Inc. saw a sharp rise in short interest on May 30, 2022 jumping by 1.78 million shares to 30.77 million. Data from Yahoo Finance shows that the short interest on Apr 28, 2022 was 28.99 million shares. A jump of 5.78% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 6.23 of the overall float, the days-to-cover ratio (short ratio) jumped to 6.23.

Which companies own the most shares of Rocket Companies Inc. (RKT)?

According to Invesco Advisers, Inc. filings, the company currently owns 10,067,301 shares, which is about 8.49% of the total RKT shares outstanding. The investor’s shares have appreciated by 87,573 from its previous 13-F filing of 9979728.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $89,456,403. Caledonia reduced a 0.00% interest valued at $84.46 million while BlackRock Fund Advisors purchased a 207,460 stake. A total of 548,077 shares of Rocket Companies Inc. were bought by SSgA Funds Management, Inc. during the quarter, and 1,702,188 were bought by Davis Selected Advisers LP. In its current portfolio, Renaissance Technologies LLC holds 2,357,100 shares valued at $21.38 million.

In terms of Rocket Companies Inc. share price expectations, FactSet research, analysts set an average price target of $8.46 in the next 12 months, up nearly 29.31% from the previous closing price of $6.96. Analysts anticipate Rocket Companies Inc. stock to reach $11.00 by 2022, with the lowest price target being $6.50. In spite of this, 17 analysts ranked Rocket Companies Inc. stock as a Hold at the end of 2022. On January 19, 2022, JP Morgan assigned a price target of “an Overweight” to the stock and upgraded coverage with a $15.

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