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

Rocket Companies, Inc. (NYSE:RKT) was the recipient of some unusual options trading activity on Thursday. Stock investors bought 91,725 call options on the stock. This is an increase of approximately 58% compared to the average daily volume of 58,051 call options.

Institutional Trading of Rocket Companies

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

Analysts Set New Price Targets

RKT has been the topic of several recent analyst reports. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday. Wells Fargo & Company dropped their price target on 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. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Eight research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Stock Up 9.0%

RKT traded up $1.19 during mid-day trading on Thursday, reaching $14.41. 52,557,946 shares of the stock were exchanged, compared to its average volume of 28,382,320. Rocket Companies has a 1 year low of $12.17 and a 1 year high of $24.36. 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 $40.76 billion, a PE ratio of 288.14 and a beta of 2.19. The company has a 50 day moving average price of $14.36 and a two-hundred day moving average price of $16.96.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 EPS. As a group, research analysts anticipate that Rocket Companies will post 0.65 EPS for the current year.

Rocket Companies Company Profile

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.