Rocket Companies (NYSE:RKT) Shares Climb 8.5% on Analyst Upgrade

Shares of Rocket Companies, Inc. (NYSE:RKT) shot up 8.5% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $12.50 to $13.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Rocket Companies traded as high as $13.86 and last traded at $13.8850. 11,526,130 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 30,263,424 shares. The stock had previously closed at $12.80.

A number of other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, August 10th. Stephens dropped their target price on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Royal Bank Of Canada decreased their target price on Rocket Companies from $16.00 to $14.00 and set a “sector perform” rating for the company in a research report on Friday. Barclays decreased their target price on shares of Rocket Companies from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, October 5th. Finally, Benchmark dropped their price target on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.75.

Insider Transactions at Rocket Companies

In other Rocket Companies news, CEO Jesse Bray sold 92,300 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $12.39, for a total value of $1,143,597.00. Following the transaction, the chief executive officer directly owned 7,728,027 shares of the company’s stock, valued at $95,750,254.53. This represents a 1.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 450,000 shares of company stock worth $5,687,074. 57.68% of the stock is owned by insiders.

Institutional Trading of Rocket Companies

Institutional investors have recently added to or reduced their stakes in the stock. Amundi increased its position in shares of Rocket Companies by 152.1% in the 1st quarter. Amundi now owns 13,725,878 shares of the company’s stock worth $195,594,000 after purchasing an additional 8,280,463 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Rocket Companies by 64.5% in the second quarter. Wellington Management Group LLP now owns 9,029,295 shares of the company’s stock worth $142,211,000 after acquiring an additional 3,541,916 shares during the last quarter. Atreides Management LP increased its position in Rocket Companies by 69.7% in the first quarter. Atreides Management LP now owns 6,114,947 shares of the company’s stock worth $87,138,000 after buying an additional 2,512,384 shares during the period. Maple Rock Capital Partners Inc. lifted its position in Rocket Companies by 76.9% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 5,543,600 shares of the company’s stock valued at $87,312,000 after purchasing an additional 2,410,400 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Rocket Companies during the 2nd quarter valued at $74,874,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Up 8.2%

The company has a debt-to-equity ratio of 1.02, a current ratio of 3.77 and a quick ratio of 4.85. The firm has a market capitalization of $39.20 billion, a P/E ratio of 30.79, a PEG ratio of 3.85 and a beta of 2.26. The firm’s fifty day moving average price is $12.38 and its 200-day moving average price is $14.76.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, October 29th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. Rocket Companies had a return on equity of 5.33% and a net margin of 11.14%. The business had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 37.4% on a year-over-year basis. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.47 earnings per share for the current year.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based financial technology company that operates a portfolio of consumer finance and real estate businesses. Its platform is designed to simplify the homeownership process through digital applications, automated workflows and online customer support.

The company’s principal business is Rocket Mortgage, a residential mortgage lender and servicer offering home purchase, refinance and home equity products. Its broader portfolio includes Rocket Homes, a real estate services platform; Rocket Money, a personal finance app that helps consumers manage subscriptions, budgets and bills; Rocket Loans, which provides personal loans; and Rocket Pro, which supports mortgage brokers and other partners.

Rocket Companies traces its history to 1985, when Dan Gilbert founded Rock Financial.