Rocket Companies (NYSE:RKT) Trading Up 10.9% – Here’s What Happened

Rocket Companies, Inc. (NYSE:RKT) shares were up 10.9% during trading on Monday . The company traded as high as $14.35 and last traded at $14.4980. Approximately 3,928,225 shares were traded during trading, a decline of 86% from the average daily volume of 27,529,617 shares. The stock had previously closed at $13.07.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RKT shares. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods cut their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Wells Fargo & Company dropped their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Citizens Jmp started coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Finally, Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.93.

Rocket Companies Stock Performance

The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The company has a market cap of $39.68 billion, a P/E ratio of 280.10 and a beta of 2.19. The firm has a 50 day moving average of $14.43 and a 200-day moving average of $17.09.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the firm earned $0.04 EPS. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. raised its stake in Rocket Companies by 55.1% in the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after acquiring an additional 13,985,025 shares during the last quarter. Nuveen LLC raised its stake in Rocket Companies by 5.5% in the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after acquiring an additional 1,706,659 shares during the last quarter. Morgan Stanley raised its stake in Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after acquiring an additional 22,196,782 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Rocket Companies by 11,636.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after acquiring an additional 25,966,725 shares during the last quarter. Institutional investors and hedge funds 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.