Rocket Companies Target of Unusually High Options Trading (NYSE:RKT)

Key Points

• Rocket Companies experienced a significant uptick in options trading, with 86,485 call options acquired, marking a 72% increase over its average daily volume.
• The company’s stock rose by 4.1%, reaching $17.57 during Tuesday's trading session, with over 16 million shares exchanged.
• Recent analyst reports show upgrades in price targets for Rocket Companies, with a consensus price target of $14.79 and a consensus rating of "Hold."

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) was the target of unusually large options trading activity on Tuesday. Investors acquired 86,485 call options on the stock. Thisrepresentsanincreaseof72% compared to the typical daily volume of 50,224 call options.

Institutional Investors Weigh In On Rocket Companies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. lifted its holdings in shares of 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 increased its position in shares of Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after purchasing an additional 2,221 shares during the period. Brooklyn Investment Group increased its position in shares of Rocket Companies by 251.3% during 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. GAMMA Investing LLC increased its position in shares of Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock valued at $47,000 after purchasing an additional 1,764 shares during the period. Finally, TFC Financial Management Inc. bought a new stake in shares of Rocket Companies during the second quarter valued at approximately $57,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Up 4.1%

NYSE RKT traded up $0.69 during trading on Tuesday, reaching $17.57. 16,721,105 shares of the company's stock were exchanged, compared to its average volume of 12,026,400. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The firm has a market capitalization of $35.13 billion, a PE ratio of -350.90 and a beta of 2.28. The company has a current ratio of 18.74, a quick ratio of 12.62 and a debt-to-equity ratio of 2.36. The company's fifty day simple moving average is $14.06 and its 200-day simple moving average is $13.37.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.28 billion. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 EPS. Sell-side analysts predict that Rocket Companies will post 0.15 EPS for the current year.

Wall Street Analyst Weigh In

RKT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the stock a "market perform" rating in a research report on Tuesday. Jefferies Financial Group raised their price objective on Rocket Companies from $11.50 to $14.00 and gave the stock a "hold" rating in a research note on Tuesday, July 22nd. UBS Group raised their price objective on Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Tuesday. The Goldman Sachs Group raised their price objective on Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Barclays raised their price objective on Rocket Companies from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Rocket Companies presently has a consensus rating of "Hold" and a consensus price target of $14.79.

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.

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