Rocket Companies (NYSE:RKT) Trading Up 7.6% – Time to Buy?

Rocket Companies, Inc. (NYSE:RKT) traded up 7.6% during trading on Tuesday . The company traded as high as $11.23 and last traded at $11.21. 3,774,484 shares changed hands during mid-day trading, an increase of 35% from the average session volume of 2,802,562 shares. The stock had previously closed at $10.42.

Analyst Ratings Changes

A number of research analysts recently commented on RKT shares. Piper Sandler dropped their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Wedbush restated a “neutral” rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Royal Bank of Canada reduced their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 13th. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price objective for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Five analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and an average target price of $13.50.

Rocket Companies Trading Up 1.3 %

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’s fifty day moving average is $12.67 and its 200-day moving average is $15.76. The firm has a market cap of $23.39 billion, a price-to-earnings ratio of -73.28 and a beta of 2.42.

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

Institutional Trading of Rocket Companies

Several large investors have recently modified their holdings of the stock. State Street Corp boosted its stake in Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after acquiring an additional 1,269,795 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Rocket Companies during the second quarter valued at about $10,811,000. Renaissance Technologies LLC boosted its position in shares of Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after purchasing an additional 510,400 shares in the last quarter. Philip James Wealth Mangement LLC acquired a new stake in shares of Rocket Companies in the 3rd quarter valued at about $6,811,000. Finally, Tidal Investments LLC grew its stake in shares of Rocket Companies by 804.3% in the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after buying an additional 280,847 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

About Rocket Companies

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.