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

Rocket Companies, Inc. (NYSE:RKT) was the recipient of some unusual options trading activity on Thursday. Stock traders bought 43,830 call options on the stock. This is an increase of approximately 64% compared to the typical daily volume of 26,736 call options.

Rocket Companies Stock Performance

Shares of RKT opened at $13.81 on Friday. Rocket Companies has a one year low of $10.06 and a one year high of $21.38. The company has a 50-day moving average of $12.59 and a two-hundred day moving average of $12.74. The stock has a market cap of $27.61 billion, a price-to-earnings ratio of -86.28 and a beta of 2.28. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 8th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the company posted $0.04 earnings per share. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. On average, equities research analysts expect that Rocket Companies will post 0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. AXQ Capital LP boosted its holdings in shares of Rocket Companies by 125.7% during the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock worth $1,652,000 after purchasing an additional 81,695 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Rocket Companies by 875.5% during the fourth quarter. Hsbc Holdings PLC now owns 145,485 shares of the company’s stock worth $1,634,000 after purchasing an additional 130,571 shares during the period. Aquatic Capital Management LLC boosted its holdings in shares of Rocket Companies by 54.5% during the fourth quarter. Aquatic Capital Management LLC now owns 173,754 shares of the company’s stock worth $1,956,000 after purchasing an additional 61,265 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Rocket Companies by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock worth $140,976,000 after purchasing an additional 431,054 shares during the period. Finally, Quantbot Technologies LP boosted its holdings in shares of Rocket Companies by 76.9% during the fourth quarter. Quantbot Technologies LP now owns 270,761 shares of the company’s stock worth $3,049,000 after purchasing an additional 117,728 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on RKT. Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $10.00 to $14.00 in a research note on Tuesday, April 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Wednesday, April 2nd. 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 note on Friday, May 9th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $15.00 to $13.00 and set a “market perform” rating on the stock in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.21.

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.