Stock Traders Buy High Volume of Call Options on Rocket Companies (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) saw unusually large options trading on Friday. Stock investors acquired 33,010 call options on the stock. This represents an increase of approximately 204% compared to the average volume of 10,843 call options.

Rocket Companies Trading Up 5.0 %

NYSE:RKT traded up $0.74 on Friday, hitting $15.59. 4,869,730 shares of the stock were exchanged, compared to its average volume of 3,075,876. The stock has a fifty day moving average of $12.31 and a 200-day moving average of $15.05. The stock has a market cap of $31.10 billion, a PE ratio of -97.36 and a beta of 2.39. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38.

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of RKT. Wellington Management Group LLP boosted its holdings in shares of Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after acquiring an additional 2,990,837 shares during the period. Boston Partners boosted its position in shares of Rocket Companies by 29.8% during the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after buying an additional 2,829,292 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after buying an additional 2,804,090 shares during the period. State Street Corp boosted its position in shares of Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Rocket Companies during the fourth quarter worth approximately $14,113,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RKT. Royal Bank of Canada decreased their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Keefe, Bruyette & Woods upped their target price on shares of Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a research report on Monday. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Wedbush restated a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a report on Wednesday. Finally, UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $13.83.

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.