Rocket Companies, Inc. (NYSE:RKT) Short Interest Up 15.0% in April

Rocket Companies, Inc. (NYSE:RKT) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 65,885,251 shares, a growth of 15.0% from the March 31st total of 57,294,025 shares. Currently, 31.7% of the shares of the company are sold short. Based on an average daily trading volume, of 25,888,179 shares, the days-to-cover ratio is currently 2.5 days.

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after acquiring an additional 22,861 shares during the period. Amundi lifted its position in shares of Rocket Companies by 3.1% in the 1st quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after acquiring an additional 997 shares during the period. AQR Capital Management LLC lifted its position in shares of Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after acquiring an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Rocket Companies by 12.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares in the last quarter. Finally, Creative Planning grew its holdings in shares of Rocket Companies by 17.2% during the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Up 1.5%

Shares of RKT stock opened at $14.62 on Friday. The firm has a market capitalization of $41.23 billion, a P/E ratio of -112.47 and a beta of 2.34. Rocket Companies has a 1 year low of $11.08 and a 1 year high of $24.36. The firm’s fifty day simple moving average is $15.36 and its 200 day simple moving average is $17.73. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business’s revenue was up 52.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. As a group, sell-side analysts predict that Rocket Companies will post 0.65 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on RKT. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Stephens began coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Citizens Jmp initiated coverage on Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. 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. Finally, Zacks Research cut Rocket Companies from a “hold” rating to a “strong sell” rating in a research report on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Rocket Companies currently has an average rating of “Hold” and an average target price of $20.40.

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.