Rocket Companies Sees Unusually High Options Volume (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKTGet Rating) was the target of unusually large options trading on Thursday. Stock investors acquired 25,540 put options on the stock. This represents an increase of 86% compared to the typical volume of 13,739 put options.

Insiders Place Their Bets

In related news, CEO Jay Farner acquired 23,800 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The stock was purchased at an average cost of $8.40 per share, for a total transaction of $199,920.00. Following the purchase, the chief executive officer now directly owns 2,057,707 shares of the company’s stock, valued at approximately $17,284,738.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders bought 819,800 shares of company stock worth $6,843,633. 94.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Castle Wealth Management LLC acquired a new stake in shares of Rocket Companies during the 2nd quarter worth $25,000. Rockefeller Capital Management L.P. increased its holdings in shares of Rocket Companies by 173.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,500 shares of the company’s stock worth $49,000 after buying an additional 2,219 shares during the last quarter. Ancora Advisors LLC acquired a new stake in shares of Rocket Companies during the 1st quarter worth $81,000. US Bancorp DE increased its holdings in shares of Rocket Companies by 341.4% during the 1st quarter. US Bancorp DE now owns 4,414 shares of the company’s stock worth $49,000 after buying an additional 3,414 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Rocket Companies during the 1st quarter worth $52,000. Hedge funds and other institutional investors own 3.71% of the company’s stock.

Rocket Companies Stock Performance

Shares of RKT stock opened at $9.95 on Friday. The stock has a market capitalization of $19.60 billion, a PE ratio of 5.99, a price-to-earnings-growth ratio of 4.17 and a beta of 1.72. Rocket Companies has a 52-week low of $6.27 and a 52-week high of $19.55. The stock’s 50-day moving average price is $8.46 and its 200 day moving average price is $9.95. The company has a quick ratio of 13.54, a current ratio of 13.54 and a debt-to-equity ratio of 1.40.

Rocket Companies (NYSE:RKTGet Rating) last released its earnings results on Thursday, August 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.05). The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.53 billion. Rocket Companies had a return on equity of 31.45% and a net margin of 2.16%. The business’s revenue for the quarter was down 47.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.44 EPS. As a group, equities research analysts forecast that Rocket Companies will post 0.25 EPS for the current year.

Analysts Set New Price Targets

RKT has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating and decreased their price objective for the stock from $10.00 to $7.00 in a research note on Sunday, May 15th. Citigroup lowered Rocket Companies from a “buy” rating to a “neutral” rating and reduced their target price for the company from $14.00 to $8.00 in a research report on Wednesday, May 11th. Argus lowered Rocket Companies from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. Credit Suisse Group cut their price objective on Rocket Companies to $9.00 and set a “neutral” rating on the stock in a report on Thursday, May 19th. Finally, Wells Fargo & Company raised Rocket Companies from an “equal weight” rating to an “overweight” rating and set a $10.00 target price on the stock in a report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.38.

About Rocket Companies

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Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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