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

Rocket Companies, Inc. (NYSE:RKT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $11.08, but opened at $12.10. Rocket Companies shares last traded at $11.90, with a volume of 1,910,677 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on RKT. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Bank of America lifted their price target on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Piper Sandler lowered their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group lowered their price objective on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $13.50.

Rocket Companies Price Performance

The company has a market capitalization of $22.94 billion, a price-to-earnings ratio of -71.88 and a beta of 2.42. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The business has a 50 day moving average price of $12.75 and a 200-day moving average price of $15.79.

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

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Rocket Companies during the 3rd quarter worth approximately $39,000. Quarry LP increased its holdings in Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after purchasing an additional 3,899 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Rocket Companies during the 3rd quarter worth approximately $120,000. Blue Trust Inc. increased its holdings in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock worth $124,000 after purchasing an additional 2,261 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Rocket Companies by 3,429.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after purchasing an additional 7,168 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

About Rocket Companies

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.