Rocket Companies Sees Unusually High Options Volume (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) was the target of some unusual options trading activity on Monday. Stock traders purchased 90,392 call options on the stock. This represents an increase of approximately 177% compared to the average volume of 32,597 call options.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds have recently added to or reduced their stakes in RKT. Nuveen LLC bought a new stake in Rocket Companies in the 1st quarter valued at $96,470,000. Wellington Management Group LLP grew its holdings in Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock worth $52,980,000 after acquiring an additional 2,990,837 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock worth $91,455,000 after purchasing an additional 2,804,090 shares during the period. Boston Partners increased its holdings in Rocket Companies by 11.3% during the first quarter. Boston Partners now owns 13,704,339 shares of the company's stock valued at $165,421,000 after buying an additional 1,390,559 shares during the period. Finally, Azora Capital LP bought a new stake in Rocket Companies during the 1st quarter valued at $16,078,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Trading Up 9.0%

Shares of NYSE RKT traded up $1.26 during midday trading on Monday, hitting $15.25. 23,489,852 shares of the company traded hands, compared to its average volume of 7,301,063. The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38. The stock has a 50-day moving average price of $13.44 and a 200 day moving average price of $13.02. The firm has a market cap of $30.50 billion, a P/E ratio of -506.67 and a beta of 2.28.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RKT shares. Keefe, Bruyette & Woods raised their target price on Rocket Companies from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Thursday, July 10th. Wedbush reissued a "neutral" rating and set a $12.00 target price (down previously from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $10.00 to $14.00 in a research note on Tuesday, April 8th. UBS Group lifted their price objective on shares of Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Finally, The Goldman Sachs Group increased their price target on Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $14.46.

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.

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