Rocket Companies (RKT)

by | Aug 10, 2022 | Daily Trade Alerts

Keep an eye on Rocket Companies (RKT).

Even though the company missed on earnings, CEO Jay Farner has been actively buying up the stock. According to Barron’s, “He disclosed in a regulatory filing three large purchases this week: 19,500 shares on Wednesday, 20,200 shares on Tuesday, and 20,500 shares on Monday, at average prices of $10.24, $9.87, and $9.72, respectively. Farner previously disclosed that he purchased 20,800 shares at an average price of $9.57 on July 28 and 21,000 shares at an average price of $9.49 on July 29.”

In addition, it appears the RKT stock has priced in the negativity. After falling from about $10.50 to $9, the stock appears to have caught strong support, and is just starting to pivot.

From a current price of $9.63, we’d like to see it test $11.70 initially.

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