We have detected insider buying in Rocket $RKT stock last week.
Rocket Companies Inc. is a holding company consisting of personal finance and consumer service brands, including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk, and Edison Financial.
You would think that any company that has significant exposure to home and mortgage loans would be a bad investment right now. Maybe the stock got so cheap that insiders are like, screw it, let’s buy the stock here. Insiders could also be trying to prop up their stock with larger buy orders.
SalesThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... have been falling as one would expect in a rapidly slowing housing market due to rising interest rates.
The Rocket chart is in a strong downtrend, and it’s hard to see why insiders would be buying the stock.
I’ve seen this frequently where insiders are buying stocks in strong downtrending sectors. I think it’s way too early to buy stocks in companies like Rocket, considering analysts will likely be lowering EPS estimates in the coming quarters.
