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.