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

Rocket Companies, Inc. (NYSE:RKT) saw unusually large options trading on Thursday. Investors bought 91,725 call options on the company. This is an increase of 58% compared to the average volume of 58,051 call options.

Rocket Companies Trading Up 9.0%

Shares of RKT traded up $1.19 during mid-day trading on Thursday, hitting $14.41. The company had a trading volume of 52,557,946 shares, compared to its average volume of 28,382,320. The business’s 50-day simple moving average is $14.36 and its 200-day simple moving average is $16.96. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies has a 1-year low of $12.17 and a 1-year high of $24.36. The stock has a market cap of $40.76 billion, a PE ratio of 288.14 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.04 earnings per share. Sell-side analysts forecast that Rocket Companies will post 0.65 earnings per share for the current year.

Wall Street Analyst Weigh In

RKT has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Finally, Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies presently has an average rating of “Hold” and an average price target of $20.93.

Institutional Trading of Rocket Companies

Several institutional investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC acquired a new stake in shares of Rocket Companies during the fourth quarter worth $26,000. Acumen Wealth Advisors LLC acquired a new position in Rocket Companies in the fourth quarter valued at about $26,000. Pinnacle Bancorp Inc. lifted its stake in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the period. City State Bank bought a new position in Rocket Companies during the fourth quarter worth about $30,000. Finally, Smithfield Trust Co bought a new position in Rocket Companies during the fourth quarter worth about $32,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.