Rocket Companies, Inc. (NYSE:RKT) Short Interest Up 49.8% in February

Rocket Companies, Inc. (NYSE:RKT) saw a large increase in short interest in the month of February. As of February 13th, there was short interest totaling 54,430,073 shares, an increase of 49.8% from the January 29th total of 36,323,849 shares. Based on an average trading volume of 34,019,314 shares, the short-interest ratio is currently 1.6 days. Approximately 35.1% of the company’s stock are sold short. Approximately 35.1% of the company’s stock are sold short. Based on an average trading volume of 34,019,314 shares, the short-interest ratio is currently 1.6 days.

Insider Buying and Selling

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 32,500 shares of company stock worth $645,775 over the last 90 days. Insiders own 92.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RKT. T. Rowe Price Investment Management Inc. boosted its stake in shares of Rocket Companies by 19.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,406,444 shares of the company’s stock valued at $104,669,000 after buying an additional 868,441 shares during the last quarter. Compound Planning Inc. bought a new position in Rocket Companies in the fourth quarter worth about $327,000. Invesco Ltd. boosted its stake in Rocket Companies by 202.9% in the fourth quarter. Invesco Ltd. now owns 1,184,072 shares of the company’s stock valued at $22,924,000 after acquiring an additional 793,160 shares during the period. Axxcess Wealth Management LLC raised its position in shares of Rocket Companies by 148.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 36,126 shares of the company’s stock worth $699,000 after purchasing an additional 21,573 shares during the period. Finally, Corient Private Wealth LLC lifted its holdings in shares of Rocket Companies by 101.1% in the 4th quarter. Corient Private Wealth LLC now owns 129,632 shares of the company’s stock worth $2,510,000 after purchasing an additional 65,161 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Down 8.0%

NYSE:RKT traded down $1.46 during mid-day trading on Monday, hitting $16.73. The stock had a trading volume of 37,039,757 shares, compared to its average volume of 28,616,364. The company has a market capitalization of $35.21 billion, a PE ratio of -128.68 and a beta of 2.30. The company has a current ratio of 70.90, a quick ratio of 19.68 and a debt-to-equity ratio of 1.07. The stock has a 50-day simple moving average of $20.01 and a two-hundred day simple moving average of $18.93. Rocket Companies has a twelve month low of $10.94 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. Rocket Companies’s revenue for the quarter was up 52.2% compared to the same quarter last year. During the same period last year, the business earned $0.04 EPS. On average, equities research analysts anticipate that Rocket Companies will post 0.15 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on RKT. Keefe, Bruyette & Woods increased their price target on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Jefferies Financial Group began coverage on Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday. JPMorgan Chase & Co. initiated coverage on shares of Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $20.64.

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.