Rocket Companies (NYSE:RKT) Trading 6.9% Higher - Here's Why

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) rose 6.9% on Monday . The stock traded as high as $12.71 and last traded at $12.85. Approximately 733,520 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 2,880,729 shares. The stock had previously closed at $12.02.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RKT. Barclays reduced their price objective on Rocket Companies from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, November 13th. Royal Bank of Canada dropped their price target 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. UBS Group raised Rocket Companies from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $12.50 to $11.50 in a report on Friday, January 10th. Wedbush reissued a "neutral" rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Finally, Piper Sandler cut their target price on Rocket Companies from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of "Hold" and a consensus price target of $13.50.

Rocket Companies Stock Performance

The stock has a 50-day moving average of $12.24 and a 200 day moving average of $15.69. 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 firm has a market capitalization of $25.41 billion, a P/E ratio of -79.61 and a beta of 2.42.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate 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 analysts' expectations of $1.25 billion. During the same quarter in the prior year, the business earned ($0.01) earnings per share. The business's revenue for the quarter was down 46.2% on a year-over-year basis. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Institutional Trading of Rocket Companies

Hedge funds have recently modified their holdings of the stock. Wedmont Private Capital boosted its holdings in Rocket Companies by 8.9% in the third quarter. Wedmont Private Capital now owns 15,937 shares of the company's stock valued at $279,000 after acquiring an additional 1,305 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies in the 3rd quarter valued at about $39,000. KBC Group NV boosted its stake in Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company's stock valued at $68,000 after acquiring an additional 2,226 shares during the last quarter. Blue Trust Inc. boosted its stake in Rocket Companies by 54.1% in the third quarter. Blue Trust Inc. now owns 6,438 shares of the company's stock valued at $124,000 after acquiring an additional 2,261 shares during the last quarter. Finally, DMC Group LLC boosted its stake in Rocket Companies by 8.1% in the third quarter. DMC Group LLC now owns 31,775 shares of the company's stock valued at $610,000 after acquiring an additional 2,373 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

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.