Investors Purchase High Volume of Call Options on Rocket Companies (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) saw unusually large options trading activity on Friday. Investors purchased 26,989 call options on the company. This represents an increase of approximately 134% compared to the average daily volume of 11,520 call options.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RKT. Vanguard Group Inc. lifted its position in shares of Rocket Companies by 10.4% during the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after purchasing an additional 1,101,325 shares in the last quarter. Marshall Wace LLP acquired a new stake in Rocket Companies in the second quarter valued at $10,811,000. Renaissance Technologies LLC raised its holdings in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Boston Partners raised its holdings in Rocket Companies by 4.2% in the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Rocket Companies in the first quarter valued at $2,698,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Rocket Companies stock opened at $19.62 on Friday. Rocket Companies has a 1 year low of $7.17 and a 1 year high of $21.28. The firm has a 50 day moving average price of $17.48 and a 200 day moving average price of $14.82. The company has a market cap of $39.02 billion, a price-to-earnings ratio of 178.33 and a beta of 2.45. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm earned ($0.05) earnings per share. Rocket Companies’s revenue for the quarter was up 5.3% on a year-over-year basis. Sell-side analysts predict that Rocket Companies will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RKT shares. Bank of America lifted their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a report on Monday, August 5th. Wedbush lifted their price target on shares of Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and an average price target of $13.52.

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.