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

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw unusually-high 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 traded hands during 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.

Several other equities analysts also recently issued reports on RKT. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective on the stock in a report on Wednesday, April 2nd. UBS Group boosted their price objective on Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. The Goldman Sachs Group lifted their price objective on shares of Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Wedbush reaffirmed a "neutral" rating and set a $12.00 target price (down from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.42.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Mather Group LLC. lifted its stake in Rocket Companies by 312.2% in the 1st quarter. Mather Group LLC. now owns 2,601 shares of the company's stock valued at $31,000 after buying an additional 1,970 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Rocket Companies by 302.2% in the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock worth $36,000 after acquiring an additional 2,221 shares during the last quarter. Brooklyn Investment Group grew its holdings in Rocket Companies by 251.3% in the first quarter. Brooklyn Investment Group now owns 3,390 shares of the company's stock valued at $41,000 after purchasing an additional 2,425 shares during the period. Itau Unibanco Holding S.A. acquired a new position in Rocket Companies during the fourth quarter worth approximately $47,000. Finally, GAMMA Investing LLC raised its stake in Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock worth $47,000 after purchasing an additional 1,764 shares during the period. Hedge funds and other institutional investors own 4.59% of the company's stock.

Rocket Companies Stock Up 0.7%

The stock has a fifty day moving average of $13.69 and a two-hundred day moving average of $13.12. The stock has a market cap of $29.93 billion, a price-to-earnings ratio of -498.50 and a beta of 2.28. The company has a quick ratio of 12.62, a current ratio of 12.62 and a debt-to-equity ratio of 1.37.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting 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 firm's quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. As a group, analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

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.