Rocket Companies Inc. (RKT) shares are trading at higher $18.90 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $26.88.
To add more color to this target, the company’s high over the last year is $34.42 and the low is $17.50 while the S&P 500 is up 8.50%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. RKT has a short ratio of 1.04 and outstanding shares of 1.97B.
RKT has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 8.49 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 2.42. Investors should also keep an eye on sector updates as RKT has historically followed its peers on positive news.
All told, Rocket Companies Inc. RKT has strung together solid data and demonstrated underlying fundamentals. At its current valuation, RKT represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.
Rocket Companies Inc. RKT is now commanding a market cap of 37.20B and a float of 113.53M. RKT is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of RKT stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in RKT, either long or short, and we have not been compensated for this article.