Rocket Companies Sees Unusually Large Options Volume (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) saw unusually large options trading activity on Tuesday. Investors bought 72,848 call options on the stock. This is an increase of approximately 49% compared to the typical volume of 48,729 call options.

Analyst Ratings Changes

RKT has been the topic of several research analyst reports. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Wells Fargo & Company cut their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Barclays decreased their target price on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.73.

Institutional Trading of Rocket Companies

A number of hedge funds have recently bought and sold shares of the business. Truvestments Capital LLC purchased a new stake in shares of Rocket Companies during the 4th quarter valued at $26,000. Acumen Wealth Advisors LLC purchased a new stake in Rocket Companies during the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. raised its position in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares during the period. City State Bank purchased a new position in Rocket Companies in the fourth quarter valued at about $30,000. Finally, Smithfield Trust Co purchased a new position in Rocket Companies in the fourth quarter valued at about $32,000. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Stock Up 4.1%

RKT traded up $0.56 during mid-day trading on Tuesday, reaching $14.24. 13,906,529 shares of the stock were exchanged, compared to its average volume of 29,108,561. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock has a market capitalization of $40.31 billion, a PE ratio of 286.08 and a beta of 2.19. The company has a 50 day moving average price of $14.05 and a two-hundred day moving average price of $15.68. Rocket Companies has a 1 year low of $12.17 and a 1 year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the firm earned $0.04 earnings per share. The firm’s revenue was up 167.1% on a year-over-year basis. As a group, research analysts anticipate that Rocket Companies will post 0.54 EPS for the current year.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.