Rocket Companies, Inc. (NYSE:RKT) Short Interest Up 15.0% in April

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw a large increase in short interest in April. As of April 15th, there was short interest totaling 65,885,251 shares, an increase of 15.0% from the March 31st total of 57,294,025 shares. Based on an average daily trading volume, of 25,888,179 shares, the days-to-cover ratio is presently 2.5 days. Currently, 31.7% of the company's stock are short sold.

Analyst Ratings Changes

Several equities analysts have recently commented on RKT shares. Stephens assumed coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price target on the stock. Compass Point started coverage on Rocket Companies in a report on Tuesday, March 10th. They set a "buy" rating and a $21.00 price objective for the company. Barclays raised Rocket Companies from an "equal weight" rating to an "overweight" rating and reduced their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Citizens Jmp initiated coverage on Rocket Companies in a research report on Wednesday, March 25th. They issued a "market perform" rating on the stock. Finally, Wells Fargo & Company cut their price target on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, April 9th. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Rocket Companies currently has an average rating of "Hold" and an average price target of $20.40.

Institutional Trading of Rocket Companies

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of Rocket Companies by 48.9% in the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company's stock valued at $841,000 after acquiring an additional 22,861 shares in the last quarter. Amundi lifted its holdings in Rocket Companies by 3.1% in the 1st quarter. Amundi now owns 33,416 shares of the company's stock worth $403,000 after purchasing an additional 997 shares during the last quarter. AQR Capital Management LLC boosted its position in Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company's stock worth $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company's stock valued at $4,473,000 after purchasing an additional 40,326 shares during the last quarter. Finally, Creative Planning grew its holdings in Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company's stock valued at $258,000 after purchasing an additional 2,679 shares during the last quarter. Institutional investors own 4.59% of the company's stock.

Rocket Companies Stock Performance

Shares of RKT opened at $14.62 on Friday. The firm has a market cap of $41.23 billion, a price-to-earnings ratio of -112.47 and a beta of 2.34. The company's fifty day moving average is $15.36 and its 200-day moving average is $17.73. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. Rocket Companies has a 12 month low of $11.08 and a 12 month high of $24.36.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. Rocket Companies's revenue for the quarter was up 52.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. Equities analysts expect that Rocket Companies will post 0.65 EPS for the current fiscal year.

Rocket Companies Company Profile

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.

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