- RSI is at 25.26, which suggests that the RKT stock price is in an oversold zone.
- The RKT stock price has melted by 23% in the month of September.
- The net profit margin has jumped by 141.67% since the last quarterly report.
Rocket Cos, Inc. (NYSE: RKT) provides a suite of services related to homeownership and other personal financial transactions. It operates through the following segments: Direct-to-consumer and partner networks. The direct-to-consumer segment consists of performance marketing and direct engagement through the Rocket Mortgage App. The Partner Network Segment focuses on partnerships with premier consumer-focused organizations, brokers, and mortgage professionals who leverage the platform and scale to provide mortgage solutions to clients.
According to recent financial reports, Q2’ 2023 was announced on August 3, 2033. The estimated EPS was -$0.041 and the reported EPS was -$0.02, which was positively surprised by 51.26%. The estimated revenue was $992.046 Million, but the reported revenue was $1.236 Billion, which was positively surprising by $243.954 Million (24.59%).
Q3’s 2023 earnings reports are to be announced on November 2, 2023, and the estimated EPS is $0.021 and the estimated revenue is $994.353 million. During the last earnings reports, the price showed a small gap opening and gained some positive momentum, but the price did not hold and started melting.
Technical indicators suggest that, according to RSI, the price is in an oversold zone and is trading far below the 200-day EMA. MACD also favors bearish momentum and has negative volumes; EMAs are in the minus.
Will RKT Stock Price Regain $10 Mark?
The RKT stock price is trading at $7.74 with an intraday gain of 1.84%. The market capitalization is $14.798B and the public float is 112.06M. The average volume is 2.09M.
Rocket Company’s stock price was showing a free-fall momentum and currently formed a positive hammer on the button in the last trading session. In today’s trading session, the price is following that hammer and trying to gain bullish momentum.
If the price sustains over $8, then the price may rise because the price has taken support from where the last time the price showed a reversal, and again price is trying to bounce back.
On the other hand, if the price doesn’t hold here and forms a negative candlestick pattern, then the price may continue declining and again sellers may dominate which may result in a bearish trend.
Conclusion
RKT stock price was surging through a rising channel and gave a breakdown and the price melted by 37.70% in a month. Currently, the price is trying to recover the losses. If the price manages to enter the $10 territory then buyers may dominate here.
Technical levels
Resistance levels: $9.40 and $10.83
Support levels: $7.40 and $6
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stock assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.