The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Rocket Companies Inc. shares valued at $199,680 were purchased by Farner Jay on Aug 03. At $10.24 per share, Farner Jay acquired 19,500 shares. The insider’s holdings grew to 3,467,207 shares worth approximately $35.68 million following the completion of this transaction.
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Also, Rizik Matthew purchased 2,100 shares, netting a total of over 21,483 in proceeds. Following the buying of shares at $10.23 each, the insider now holds 286,802 shares.
Before that, Rizik Matthew had added 2,200 shares to its account. In a trade valued at $21,692, the Director bought Rocket Companies Inc. shares for $9.86 each. Upon closing the transaction, the insider’s holdings increased to 2,200 shares, worth approximately $2.93 million.
As published in a research note from Wells Fargo on July 06, 2022, Rocket Companies Inc. [RKT] has been rated up from an Equal weight to an Overweight and the price target has been revised to $10. This represents a -2.9% premium over Thursday’s closing price. Analysts at Argus downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in late May. As of May 16, 2022, Keefe Bruyette has increased its “an Underperform” rating to a “Mkt perform” for RKT. Earlier on May 11, 2022, Citigroup downgraded its rating. Their new recommendation was “a Neutral” for RKT stock which previously was a “a Buy”.
Analyzing RKT’s Price Performance
On Thursday, Rocket Companies Inc. [NYSE: RKT] rose 0.39% to $10.29. The stock’s lowest price that day was $10.105, but it reached a high of $10.505 in the same session. During the last five days, there has been a surge of approximately 7.41%. Over the course of the year, Rocket Companies Inc. shares have dropped approximately -20.88%. 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 $8.52, while a 200-day SMA reached $11.77. Nevertheless, trading volume fell to 4.37 million shares from 3.36 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 10.09, which, if violated, would cause prices to drop to 9.90. In the upper region, resistance lies at 10.49. The next price resistance is at 10.70. RSI (Relative Strength Index) is 69.94 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.57, which suggests the price will decrease in the coming days. Percent R is at 12.99%, indicating bullish price movement. Stochastics %K at selling 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 Jul 14, 2022 jumping by 1.18 million shares to 33.6 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 32.42 million shares. A jump of 3.51% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 8.54 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.54.
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 $72,590,863. Caledonia reduced a 0.00% interest valued at $68.54 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 $17.35 million.
In terms of Rocket Companies Inc. share price expectations, FactSet research, analysts set an average price target of $8.67 in the next 12 months, down nearly -12.2% from the previous closing price of $10.25. Analysts anticipate Rocket Companies Inc. stock to reach $11.50 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.