Rocket Companies (NYSE:RKT) Shares Gap Up – Here’s Why

Rocket Companies, Inc. (NYSE:RKT) gapped up before the market opened on Wednesday . The stock had previously closed at $12.13, but opened at $12.54. Rocket Companies shares last traded at $12.21, with a volume of 807,249 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RKT shares. Piper Sandler cut their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Royal Bank of Canada cut their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $11.50 price objective (down previously from $16.00) on shares of Rocket Companies in a research report on Tuesday, December 10th. UBS Group dropped their price objective on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research note on Monday, December 9th. Six equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.92.

Rocket Companies Stock Up 0.4 %

The firm’s 50-day simple moving average is $14.89 and its 200 day simple moving average is $16.18. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The stock has a market capitalization of $23.20 billion, a P/E ratio of -72.69 and a beta of 2.38.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the business earned ($0.01) earnings per share. Rocket Companies’s quarterly revenue was down 46.2% on a year-over-year basis. As a group, research analysts expect that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Lakeshore Financial Planning Inc. increased its holdings in Rocket Companies by 8.0% during the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after buying an additional 1,000 shares during the last quarter. Wedmont Private Capital lifted its stake in Rocket Companies by 8.9% in the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after acquiring an additional 1,305 shares during the last quarter. Arizona State Retirement System grew its position in shares of Rocket Companies by 6.0% in the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after acquiring an additional 1,979 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Rocket Companies during the 3rd quarter worth about $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Rocket Companies by 7.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after purchasing an additional 2,064 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.