Rocket Companies (NYSE:RKT) Sees Strong Trading Volume

Rocket Companies, Inc. (NYSE:RKT) shares saw unusually-high trading volume on Friday . Approximately 1,882,896 shares changed hands during trading, a decline of 30% from the previous session’s volume of 2,707,226 shares.The stock last traded at $20.16 and had previously closed at $18.75.

Wall Street Analyst Weigh In

RKT has been the topic of a number of research reports. Royal Bank of Canada upped their target price on Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Wedbush boosted their target price on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. UBS Group raised their price objective on shares of Rocket Companies from $10.50 to $11.50 and gave the company a “sell” rating in a research report on Thursday, September 5th. Finally, Wells Fargo & Company increased their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.52.

Rocket Companies Stock Performance

The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. The stock has a market capitalization of $38.75 billion, a P/E ratio of 179.56 and a beta of 2.45. The business has a 50-day moving average price of $17.37 and a 200 day moving average price of $14.76.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, August 1st. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts forecast that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Rocket Companies by 10.4% during the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after purchasing an additional 1,101,325 shares during the last quarter. Boston Partners increased its position in Rocket Companies by 4.2% in the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after buying an additional 381,841 shares in the last quarter. Capital World Investors lifted its position in shares of Rocket Companies by 0.3% during the 4th quarter. Capital World Investors now owns 3,642,099 shares of the company’s stock valued at $52,738,000 after buying an additional 10,068 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Rocket Companies during the 2nd quarter valued at $10,811,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.