Rocket Companies Inc. (NYSE: RKT) – Suitable For Long Term Buy?

GLBE Stock
GLBE Stock

With over 24.73 million Rocket Companies Inc. (RKT) shares trading Monday and a closing price of $28.00 on the day, the dollar volume was approximately $692.49 million. The shares have shown a negative weekly performance of -3.81% and its price on 08/31/20 lost nearly -1.48%. Currently, there are 1.89B common shares owned by the public and among those 98.53M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for RKT have a consensus price objective of $28.27. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Rocket Companies Inc. stock is 3.00 for the next 12 months. The average price target is -55.56% below its last price level and a downside to the estimated low will see the stock lose -55.56% over that period. But an upside of 20.0% will see the stock hit the forecast high price target while mean target price for the stock is $29.00.

Insiders at the company have transacted a total of 15 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 4,058,787 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 100,000,000 shares.

Nationwide Multi Cap Portfolio owns 4273.0 shares of the company’s stock, all valued at over $0.0.

Shares of Rocket Companies Inc. (NYSE: RKT) opened at $29.33, up $0.91 from a prior closing price of $28.42. However, the script later closed the day at $28.00, down -1.48%. It has a 12-month low price of $17.50 and touched a high of $29.96 over the same period. Currently, 24.73 million shares have been traded, compared to an average intraday trading volume of 33.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 19.84%, 19.84%, and 19.84% respectively.

Institutional ownership of Rocket Companies Inc. (NYSE: RKT) 1.89B shares outstanding. Mutual fund holders own –, while other institutional holders and individual stakeholders account for 0.00% and — respectively.

It has a market capitalization of $52.96B. The stock’s trailing 12-month PE ratio is 43.01, while the earnings-per-share (ttm) stands at $0.65. The company has a debt-to-equity ratio at 4.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.38% over the week.

Analysts forecast that Rocket Companies Inc. (RKT) will achieve an EPS of $0.88 for the current quarter, $0.5 for the next quarter and $1.46 for 2021. The lowest estimate earnings-per-share for the quarter is $0.56 while analysts give the company a high EPS estimate of $1.13. Earnings per share for the fiscal year are expected to increase by 45.80%, and -56.20% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Rocket Companies Inc. (RKT) as a “Hold” at a consensus score of 3.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 8 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the RKT, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on August 31, 2020, with the firm’s price target at $29. UBS coverage for the Rocket Companies Inc. (RKT) stock in a research note released on August 31, 2020 offered a Neutral rating with a price target of $28. RBC Capital Mkts was of a view on August 31, 2020 that the stock is Outperform, while Morgan Stanley gave the stock Equal-Weight rating on August 31, 2020, issuing a price target of $25. JP Morgan on their part issued Neutral rating on August 31, 2020.


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