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

Rocket Companies, Inc. (NYSE:RKT) saw unusually large options trading on Friday. Investors bought 172,738 call options on the stock. This represents an increase of 40% compared to the average daily volume of 123,513 call options.

Insider Activity at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $19.44, for a total value of $48,600.00. Following the transaction, the director directly owned 1,066,036 shares of the company’s stock, valued at $20,723,739.84. The trade was a 0.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 40,000 shares of company stock valued at $779,425. Company insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently made changes to their positions in the business. State of New Jersey Common Pension Fund D bought a new stake in shares of Rocket Companies in the fourth quarter worth $6,242,000. Keybank National Association OH increased its position in shares of Rocket Companies by 50.3% in the 4th quarter. Keybank National Association OH now owns 22,062 shares of the company’s stock worth $427,000 after purchasing an additional 7,388 shares during the last quarter. Archer Investment Corp increased its position in shares of Rocket Companies by 9,839.0% in the 4th quarter. Archer Investment Corp now owns 9,939 shares of the company’s stock worth $192,000 after purchasing an additional 9,839 shares during the last quarter. Wealthfront Advisers LLC raised its stake in shares of Rocket Companies by 31.2% in the 4th quarter. Wealthfront Advisers LLC now owns 781,227 shares of the company’s stock valued at $15,125,000 after purchasing an additional 185,993 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Rocket Companies during the fourth quarter worth about $7,039,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RKT shares. Jefferies Financial Group began coverage on shares of Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 price target on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Rocket Companies in a report on Monday, October 13th. Royal Bank Of Canada increased their price target on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. The Goldman Sachs Group reissued a “neutral” rating and issued a $22.00 price objective (up from $16.00) on shares of Rocket Companies in a research report on Wednesday, October 29th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a research report on Wednesday, November 19th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.50.

Rocket Companies Stock Performance

NYSE:RKT opened at $17.94 on Friday. The firm has a 50-day moving average of $20.23 and a two-hundred day moving average of $18.55. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. The stock has a market cap of $37.76 billion, a P/E ratio of 224.28 and a beta of 2.29. Rocket Companies has a 1-year low of $10.94 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the firm posted $0.08 earnings per share. The company’s revenue was up 148.1% compared to the same quarter last year. On average, research analysts expect that Rocket Companies will post 0.15 earnings per share for the current fiscal 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.