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

Rocket Companies, Inc. (NYSE:RKT) was the recipient of some unusual options trading activity on Thursday. Traders purchased 93,026 call options on the company. This represents an increase of 84% compared to the average daily volume of 50,517 call options.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds have recently bought and sold shares of the company. ORG Partners LLC lifted its stake in Rocket Companies by 22.3% during the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after acquiring an additional 520 shares in the last quarter. Manchester Capital Management LLC increased its holdings in shares of Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after acquiring an additional 618 shares during the last quarter. Composition Wealth LLC raised its stake in Rocket Companies by 2.7% during the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock worth $490,000 after acquiring an additional 668 shares in the last quarter. Parallel Advisors LLC lifted its stake in Rocket Companies by 26.1% in the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after buying an additional 677 shares during the last quarter. Finally, Red Door Wealth Management LLC increased its position in Rocket Companies by 6.7% in the 1st quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock valued at $159,000 after acquiring an additional 698 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

RKT opened at $14.56 on Friday. The company has a market capitalization of $41.21 billion, a price-to-earnings ratio of 291.30 and a beta of 2.16. Rocket Companies has a 1 year low of $12.17 and a 1 year high of $24.36. The business’s 50-day moving average price is $14.12 and its two-hundred day moving average price is $16.30. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 167.1% compared to the same quarter last year. Equities analysts expect that Rocket Companies will post 0.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Wells Fargo & Company dropped their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Citizens Jmp initiated coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $18.00 to $19.00 in a research report on Thursday. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus price target of $20.73.

About Rocket Companies

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.