Rocket Companies, Inc. (NYSE:RKT) Sees Significant Drop in Short Interest

Rocket Companies, Inc. (NYSE:RKT) was the recipient of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 16,110,000 shares, a decrease of 16.1% from the October 31st total of 19,190,000 shares. Currently, 12.0% of the company’s shares are short sold. Based on an average daily trading volume, of 3,510,000 shares, the days-to-cover ratio is presently 4.6 days.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $14.53 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a 1-year low of $9.24 and a 1-year high of $21.38. The company has a market capitalization of $28.98 billion, a price-to-earnings ratio of -90.81 and a beta of 2.46. The business has a 50-day moving average of $16.46 and a 200-day moving average of $16.31.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. Rocket Companies’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) EPS. On average, equities analysts anticipate that Rocket Companies will post 0.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RKT has been the subject of a number of research analyst reports. Barclays dropped their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley assumed coverage on shares of Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Royal Bank of Canada dropped their price objective 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. Finally, Piper Sandler reduced their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Rocket Companies currently has an average rating of “Hold” and an average target price of $15.13.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lakeshore Financial Planning Inc. boosted its position in Rocket Companies by 8.0% in the 2nd quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock valued at $185,000 after buying an additional 1,000 shares during the last quarter. Wedmont Private Capital lifted its stake in shares of Rocket Companies by 8.9% in the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after acquiring an additional 1,305 shares in the last quarter. Arizona State Retirement System boosted its holdings in Rocket Companies by 6.0% in the second 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 during the last quarter. Capital Performance Advisors LLP acquired a new stake in Rocket Companies during the 3rd quarter valued at approximately $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Rocket Companies by 7.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after purchasing an additional 2,064 shares in the last quarter. Hedge funds and other 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.