Rocket Companies Inc (NYSE: RKT) stock fell -0.22% on Monday to $8.99 against a previous-day closing price of $9.01. With 1.71 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.91 million shares. During the session, the Mortgage Finance company that operates in wider Financial sector, reached to the highest price of $9.13 whereas the lowest price it dropped to was $8.86. The 52-week range on RKT shows that it touched its highest point at $11.94 and its lowest point at $6.63 during that stretch. It currently has a 1-year price target of $8.60. Beta for the stock currently stands at 2.25.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RKT was up-trending over the past week, with a rise of 12.52%, but this was up by 22.98% over a month. Three-month performance dropped to -12.80% while six-month performance rose 8.44%. The stock gained 18.92% in the past year, while it has gained 28.43% so far this year. A look at the trailing 12-month EPS for RKT yields -0.21 with Next year EPS estimates of 0.34. For the next quarter, that number is -0.05. This implies an EPS growth rate of -72.06% for this year and 383.86% for next year.
Float and Shares Shorts:
At present, 123.49 million RKT shares are outstanding with a float of 116.87 million shares on hand for trading. On Oct 30, 2023, short shares totaled 22.76 million, which was 17.73% higher than short shares on Sep 28, 2023. In addition to Mr. Daniel B. Gilbert as the firm’s Founder & Chairman of the Board, Mr. Brian Nicholas Brown serves as its CFO & Treasurer.
Through their ownership of 74.31% of RKT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 8.18% of RKT, in contrast to 35.61% held by mutual funds. Shares owned by individuals account for 23.87%. As the largest shareholder in RKT with 8.96% of the stake, Fidelity Management & Research Co holds 11,506,609 shares worth 11,506,609. A second-largest stockholder of RKT, The Vanguard Group, Inc., holds 10,448,476 shares, controlling over 8.14% of the firm’s shares. Boston Partners Global Investors, is the third largest shareholder in RKT, holding 5,813,633 shares or 4.53% stake. With a 3.05% stake in RKT, the Fidelity Global Innovators Invest is the largest stakeholder. A total of 3,920,889 shares are owned by the mutual fund manager. The American Funds Growth Fund of Ame, which owns about 2.79% of RKT stock, is the second-largest Mutual Fund holder. It holds 3,583,933 shares valued at 26.49 million. Vanguard Total Stock Market ETF holds 2.79% of the stake in RKT, owning 3,583,839 shares worth 26.48 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RKT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RKT analysts setting a high price target of $11.00 and a low target of $6.00, the average target price over the next 12 months is $8.60. Based on these targets, RKT could surge 22.36% to reach the target high and fall by -33.26% to reach the target low. Reaching the average price target will result in a decline of -4.34% from current levels.
Summary of Insider Activity:
Insiders traded RKT stock several times over the past three months with 0 Buys and 2 Sells. In these transactions, 0 shares were bought while 51,189 shares were sold. The number of buy transactions has increased to 50 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 2,084,908 while 184,844 shares were sold.