Rocket Companies (NYSE:RKT) Sees Large Volume Increase

Shares of Rocket Companies, Inc. (NYSE:RKT) saw strong trading volume on Friday . 1,882,896 shares were traded 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

Several research firms have recently issued reports on RKT. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. 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. Royal Bank of Canada raised their price target on shares of Rocket Companies from $16.00 to $20.00 and gave the company a “sector perform” rating in a research report on Wednesday. Barclays upped their price objective on Rocket Companies from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Tuesday, July 9th. Finally, Bank of America lifted their target price on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.52.

Rocket Companies Stock Performance

The business has a fifty day simple moving average of $17.48 and a two-hundred day simple moving average of $14.84. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The company has a market cap of $39.03 billion, a P/E ratio of 178.38 and a beta of 2.45.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Quarry LP lifted its holdings in Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after acquiring an additional 3,899 shares during the period. Algert Global LLC increased its position in Rocket Companies by 117.2% in the second quarter. Algert Global LLC now owns 23,285 shares of the company’s stock worth $319,000 after buying an additional 12,565 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Rocket Companies by 34.0% in the second quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock worth $344,000 after buying an additional 6,377 shares in the last quarter. AQR Capital Management LLC increased its position in Rocket Companies by 306.3% in the second quarter. AQR Capital Management LLC now owns 197,592 shares of the company’s stock worth $2,707,000 after buying an additional 148,965 shares in the last quarter. Finally, Kingfisher Capital LLC increased its position in Rocket Companies by 1.4% in the second quarter. Kingfisher Capital LLC now owns 183,083 shares of the company’s stock worth $2,508,000 after buying an additional 2,606 shares in the last quarter. Institutional investors 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.