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

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw unusually-strong 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. Approximately 16,550,334 shares changed hands during mid-day 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 equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada restated a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. UBS Group lifted their price objective on Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Keefe, Bruyette & Woods lifted their price objective on Rocket Companies from $13.00 to $14.00 and gave the stock a "market perform" rating in a report on Thursday, July 10th. Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. Finally, Wedbush reiterated a "neutral" rating and issued a $12.00 price objective (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of "Hold" and a consensus price target of $14.42.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RKT. Mather Group LLC. boosted its stake in Rocket Companies by 312.2% during the first quarter. Mather Group LLC. now owns 2,601 shares of the company's stock worth $31,000 after buying an additional 1,970 shares during the last quarter. Parallel Advisors LLC lifted its stake in Rocket Companies by 302.2% during the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock worth $36,000 after acquiring an additional 2,221 shares in the last quarter. Brooklyn Investment Group increased its holdings in Rocket Companies by 251.3% during the 1st quarter. Brooklyn Investment Group now owns 3,390 shares of the company's stock worth $41,000 after purchasing an additional 2,425 shares during the period. Itau Unibanco Holding S.A. purchased a new position in shares of Rocket Companies in the 4th quarter valued at about $47,000. Finally, GAMMA Investing LLC lifted its position in shares of Rocket Companies by 82.4% during the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock worth $47,000 after buying an additional 1,764 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

The stock's 50-day moving average is $13.65 and its 200 day moving average is $13.09. 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 stock has a market capitalization of $29.68 billion, a PE ratio of -494.67 and a beta of 2.28.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. The company's revenue for the quarter was down 10.8% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share 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.