Rocket Companies (NYSE:RKT) Shares Gap Up – Here’s What Happened

Shares of Rocket Companies, Inc. (NYSE:RKT) gapped up prior to trading on Monday . The stock had previously closed at $13.74, but opened at $14.45. Rocket Companies shares last traded at $14.47, with a volume of 70,586 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Morgan Stanley started coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 target price on the stock. Piper Sandler decreased their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Wedbush restated a “neutral” rating and set a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Bank of America lifted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Finally, Barclays cut their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies Price Performance

The company’s 50-day moving average is $16.76 and its two-hundred day moving average is $16.32. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. During the same period in the previous year, the firm posted ($0.01) EPS. The firm’s revenue was down 46.2% on a year-over-year basis. As a group, analysts anticipate that Rocket Companies, Inc. will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies in the 3rd quarter worth $39,000. Quarry LP lifted its stake in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after buying an additional 3,899 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of Rocket Companies during the second quarter valued at about $61,000. V Square Quantitative Management LLC bought a new stake in shares of Rocket Companies during the third quarter worth about $120,000. Finally, International Assets Investment Management LLC raised its holdings in shares of Rocket Companies by 3,429.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after acquiring an additional 7,168 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

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.