Rocket Companies, Inc. (NYSE:RKT) Sees Large Increase in Short Interest

Rocket Companies, Inc. (NYSE:RKT) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totaling 65,885,251 shares, an increase of 15.0% from the March 31st total of 57,294,025 shares. Currently, 31.7% of the shares of the stock 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.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently added to or reduced their stakes in RKT. ORG Partners LLC grew its holdings in Rocket Companies by 22.3% in the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after acquiring an additional 520 shares during the last quarter. Manchester Capital Management LLC grew its holdings in Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after acquiring an additional 618 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Rocket Companies by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock worth $365,000 after acquiring an additional 636 shares during the last quarter. Miller Wealth Advisors LLC grew its holdings in Rocket Companies by 65.0% in the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after acquiring an additional 650 shares during the last quarter. Finally, Composition Wealth LLC grew its holdings in Rocket Companies by 2.7% in the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock worth $490,000 after acquiring an additional 668 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

RKT has been the topic of several research reports. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Citizens Jmp initiated coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Stephens initiated coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Compass Point initiated coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Nine investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.40.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $14.65 on Friday. The stock has a market cap of $41.31 billion, a PE ratio of -112.70 and a beta of 2.23. The company’s fifty day moving average is $15.36 and its 200 day moving average is $17.73. Rocket Companies has a 52 week low of $11.08 and a 52 week high of $24.36. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm’s revenue was up 52.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. Research analysts anticipate that Rocket Companies will post 0.65 earnings per share for the current year.

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.