Rocket Companies (NYSE:RKT) Shares Gap Up – Still a Buy?

Rocket Companies, Inc. (NYSE:RKT) gapped up prior to trading on Monday . The stock had previously closed at $13.74, but opened at $14.45. Rocket Companies shares last traded at $14.47, with a volume of 70,586 shares.

Analysts Set New Price Targets

A number of analysts recently commented on RKT shares. Keefe, Bruyette & Woods decreased their price target on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research report on Thursday, November 14th. Wedbush reiterated a “neutral” rating and issued a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Bank of America upped their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. lifted their price objective on Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada lowered their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 13th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.13.

Rocket Companies Trading Down 3.5 %

The firm’s fifty day moving average price is $16.76 and its 200-day moving average price is $16.32. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

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

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently made changes to their positions in RKT. Tidal Investments LLC lifted its holdings in Rocket Companies by 804.3% in the third quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after acquiring an additional 280,847 shares during the period. Virtu Financial LLC increased its holdings in shares of Rocket Companies by 22.1% in the third quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock worth $310,000 after purchasing an additional 2,925 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Rocket Companies by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after acquiring an additional 12,735 shares during the last quarter. Barclays PLC grew its stake in shares of Rocket Companies by 136.2% in the 3rd quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after buying an additional 137,441 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Rocket Companies in the third quarter worth about $1,486,000. Hedge funds and other 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.