Rocket Companies (NYSE:RKT) Trading 7.6% Higher – Here’s Why

Rocket Companies, Inc. (NYSE:RKT) rose 7.6% during mid-day trading on Tuesday . The company traded as high as $11.23 and last traded at $11.21. Approximately 3,774,484 shares traded hands during trading, an increase of 35% from the average daily volume of 2,802,562 shares. The stock had previously closed at $10.42.

Wall Street Analyst Weigh In

RKT has been the subject of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Barclays cut their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their price target for the stock from $12.50 to $11.50 in a report on Friday. Piper Sandler cut their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, Wedbush restated a “neutral” rating and set a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.50.

Rocket Companies Trading Up 7.2 %

The firm’s 50-day moving average price is $12.85 and its 200-day moving average price is $15.81. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market cap of $22.28 billion, a P/E ratio of -69.81 and a beta of 2.42.

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

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wedmont Private Capital increased its holdings in Rocket Companies by 8.9% during the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after acquiring an additional 1,305 shares during the period. Arizona State Retirement System boosted its stake 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 purchasing an additional 1,979 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Rocket Companies during the 3rd quarter valued at $39,000. Blue Trust Inc. boosted its position in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after buying an additional 2,261 shares during the period. Finally, DMC Group LLC boosted its position in Rocket Companies by 8.1% during the 3rd quarter. DMC Group LLC now owns 31,775 shares of the company’s stock valued at $610,000 after buying an additional 2,373 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.