RKT - Rocket Companies: Time To Cool The Jets (Rating Downgrade)

2024-06-13 11:31:41 ET

Summary

• Rocket Companies, Inc. stock has doubled since its October low, as the company continues to take market share in a fragmented industry.
• The company posted better-than-expected Q1 results in early May and has seen some small insider buying in its stock.
• Despite solid results, analyst firms have reissued Hold/Sell ratings with price targets below the current trading level of the shares.
• Can the rally continue, or is some profit-taking likely in the stock?  An analysis follows in the paragraphs below.

Today, we are going to put Rocket Companies, Inc. ( RKT ) in the spotlight. The company's stock has more than doubled since its nadir in late October when the summer swoon in the overall market came to a close. Housing-related concerns were also pushed up yesterday as the May CPI report came in weaker than expected, boosting hopes that the Federal Reserve may finally start to cut interest rates in the near future....

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