Rocket Companies (NYSE:RKT) Shares Gap Up - Here's Why

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) shares gapped up before the market opened 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 changing hands.

Wall Street Analyst Weigh In

RKT has been the topic of a number of recent analyst reports. UBS Group upgraded Rocket Companies from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a report on Tuesday. Royal Bank of Canada lowered their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 13th. Barclays decreased their price target on shares of Rocket Companies from $14.00 to $13.00 and set an "underweight" rating for the company in a research note on Wednesday, November 13th. Finally, Morgan Stanley dropped their price objective on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Thursday, December 19th. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $13.50.

Rocket Companies Trading Up 4.7 %

The company's 50 day simple moving average is $12.75 and its two-hundred day simple moving average is $15.79. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $23.14 billion, a price-to-earnings ratio of -72.50 and a beta of 2.42.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting analysts' consensus estimates of $0.08. The company had revenue of $647.00 million during the quarter, compared to analysts' expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. Rocket Companies's revenue for the quarter was down 46.2% on a year-over-year basis. During the same period last year, the business earned ($0.01) EPS. As a group, research analysts anticipate that Rocket Companies, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds have recently bought and sold shares of RKT. State Street Corp increased its stake in shares of Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company's stock worth $78,836,000 after buying an additional 1,269,795 shares during the period. Renaissance Technologies LLC increased its position in shares of Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company's stock valued at $33,821,000 after purchasing an additional 510,400 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Rocket Companies by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company's stock valued at $39,235,000 after purchasing an additional 12,735 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Rocket Companies by 7.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company's stock worth $19,971,000 after acquiring an additional 72,308 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Rocket Companies in the second quarter valued at approximately $10,811,000. Institutional investors and hedge funds own 4.59% of the company's stock.

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.