Traders Purchase Large Volume of Put Options on Rocket Companies (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) was the recipient of unusually large options trading on Friday. Stock investors purchased 24,662 put options on the company. This represents an increase of approximately 115% compared to the average volume of 11,476 put options.

Rocket Companies Price Performance

Shares of RKT opened at $17.52 on Friday. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. Rocket Companies has a twelve month low of $7.17 and a twelve month high of $21.38. The stock has a market capitalization of $34.84 billion, a P/E ratio of 159.27 and a beta of 2.44. The company has a 50 day moving average of $18.86 and a 200-day moving average of $15.55.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the business earned ($0.05) EPS. The company’s revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts forecast that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Quarry LP increased its position in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after purchasing an additional 3,899 shares during the last quarter. Algert Global LLC raised its position in Rocket Companies by 117.2% during the second quarter. Algert Global LLC now owns 23,285 shares of the company’s stock worth $319,000 after acquiring an additional 12,565 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Rocket Companies by 34.0% in the second quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock valued at $344,000 after acquiring an additional 6,377 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Rocket Companies by 306.3% in the 2nd quarter. AQR Capital Management LLC now owns 197,592 shares of the company’s stock valued at $2,707,000 after acquiring an additional 148,965 shares during the period. Finally, Kingfisher Capital LLC raised its holdings in shares of Rocket Companies by 1.4% in the 2nd quarter. Kingfisher Capital LLC now owns 183,083 shares of the company’s stock valued at $2,508,000 after purchasing an additional 2,606 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RKT has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of Rocket Companies from $13.50 to $15.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Wells Fargo & Company lifted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wedbush increased their price target on Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Barclays lifted their price objective on Rocket Companies from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Tuesday, July 9th. Five analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and an average price target of $14.16.

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.