Rocket Companies, Inc. (NYSE:RKT) Short Interest Update

Rocket Companies, Inc. (NYSE:RKT) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 16,110,000 shares, a decline of 16.1% from the October 31st total of 19,190,000 shares. Based on an average trading volume of 3,510,000 shares, the short-interest ratio is currently 4.6 days. Currently, 12.0% of the shares of the stock are short sold.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.54 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm has a market capitalization of $29.00 billion, a P/E ratio of -90.88 and a beta of 2.46. Rocket Companies has a 1-year low of $9.24 and a 1-year high of $21.38. The company’s 50-day moving average is $16.46 and its 200 day moving average is $16.30.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. Rocket Companies’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same period last year, the company earned ($0.01) EPS. Research analysts forecast that Rocket Companies will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RKT. Raymond James & Associates grew its stake in Rocket Companies by 48.7% in the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after acquiring an additional 98,397 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of Rocket Companies in the third quarter valued at approximately $875,000. Philip James Wealth Mangement LLC bought a new position in Rocket Companies in the third quarter worth approximately $6,811,000. Victory Capital Management Inc. increased its holdings in Rocket Companies by 324.4% during the 3rd quarter. Victory Capital Management Inc. now owns 67,161 shares of the company’s stock worth $1,289,000 after purchasing an additional 51,336 shares during the period. Finally, Bleakley Financial Group LLC bought a new stake in Rocket Companies during the 3rd quarter valued at $196,000. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays lowered their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. Wells Fargo & Company raised their price target on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday, November 14th. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.13.

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.