Rocket Companies (NYSE:RKT) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Rocket Companies, Inc. (NYSE:RKT) saw an uptick in trading volume on Tuesday after Jefferies Financial Group raised their price target on the stock from $11.50 to $14.00. Jefferies Financial Group currently has a hold rating on the stock. 16,550,334 shares traded hands during trading, an increase of 124% from the previous session’s volume of 7,396,023 shares.The stock last traded at $15.75 and had previously closed at $15.04.

A number of other research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday, April 2nd. Barclays upgraded shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. Royal Bank Of Canada restated a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. Wedbush restated a “neutral” rating and issued a $12.00 price target (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Rocket Companies from $13.00 to $14.00 and gave the stock a “market perform” rating in a report on Thursday, July 10th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $14.42.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently made changes to their positions in RKT. Mather Group LLC. grew its stake in Rocket Companies by 312.2% in the 1st quarter. Mather Group LLC. now owns 2,601 shares of the company’s stock valued at $31,000 after acquiring an additional 1,970 shares during the period. Parallel Advisors LLC grew its stake in Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after acquiring an additional 2,221 shares during the period. Brooklyn Investment Group grew its stake in Rocket Companies by 251.3% in the 1st quarter. Brooklyn Investment Group now owns 3,390 shares of the company’s stock valued at $41,000 after acquiring an additional 2,425 shares during the period. GAMMA Investing LLC grew its stake in Rocket Companies by 82.4% in the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock valued at $47,000 after acquiring an additional 1,764 shares during the period. Finally, Itau Unibanco Holding S.A. acquired a new stake in Rocket Companies in the 4th quarter valued at $47,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62. The firm’s 50 day simple moving average is $13.44 and its 200-day simple moving average is $13.02. The company has a market cap of $32.01 billion, a price-to-earnings ratio of -533.50 and a beta of 2.28.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the company posted $0.04 EPS. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. On average, sell-side analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current year.

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.