Rocket Companies (NYSE:RKT) Shares Gap Up – What’s Next?

Rocket Companies, Inc. (NYSE:RKT) shares gapped up prior to trading on Tuesday . The stock had previously closed at $18.77, but opened at $20.23. Rocket Companies shares last traded at $20.5920, with a volume of 6,255,193 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RKT shares. BTIG Research reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Rocket Companies in a research report on Wednesday, November 19th. Keefe, Bruyette & Woods raised 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 issued a “buy” rating and a $25.00 price target for the company. The Goldman Sachs Group reiterated a “neutral” rating and set a $22.00 price objective (up from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Rocket Companies in a research report on Monday, October 13th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Stock Performance

The stock’s 50-day moving average is $20.25 and its 200-day moving average is $18.62. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. The stock has a market cap of $43.60 billion, a price-to-earnings ratio of 258.78 and a beta of 2.31.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total transaction of $48,600.00. Following the transaction, the director owned 1,066,036 shares in the company, valued at approximately $20,723,739.84. The trade was a 0.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 40,000 shares of company stock valued at $779,425. Company insiders own 92.64% of the company’s stock.

Institutional Trading of Rocket Companies

Hedge funds and other institutional investors have recently modified their holdings of the business. Cloud Capital Management LLC acquired a new stake in Rocket Companies during the 3rd quarter valued at approximately $25,000. Pinnacle Bancorp Inc. boosted its stake in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank purchased a new position in shares of Rocket Companies during the 4th quarter valued at approximately $30,000. Miller Wealth Advisors LLC grew its position in shares of Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after buying an additional 650 shares in the last quarter. Finally, North Capital Inc. increased its stake in shares of Rocket Companies by 287.2% in the second quarter. North Capital Inc. now owns 1,820 shares of the company’s stock worth $26,000 after buying an additional 1,350 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.