Rocket Companies, Inc. (NYSE:RKT) Short Interest Update

Rocket Companies, Inc. (NYSE:RKT) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 11,110,000 shares, a decline of 23.7% from the August 15th total of 14,560,000 shares. Currently, 8.5% of the shares of the company are sold short. Based on an average daily volume of 5,610,000 shares, the days-to-cover ratio is currently 2.0 days.

A number of institutional investors have recently made changes to their positions in the business. Huntington National Bank boosted its position in Rocket Companies by 54.5% during the second quarter. Huntington National Bank now owns 1,701 shares of the company’s stock worth $33,000 after purchasing an additional 600 shares during the period. Oppenheimer & Co. Inc. boosted its position in Rocket Companies by 2.1% during the first quarter. Oppenheimer & Co. Inc. now owns 37,006 shares of the company’s stock worth $854,000 after purchasing an additional 755 shares during the period. Advisory Services Network LLC boosted its position in Rocket Companies by 22.5% during the first quarter. Advisory Services Network LLC now owns 4,120 shares of the company’s stock worth $95,000 after purchasing an additional 757 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Rocket Companies by 6.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,865 shares of the company’s stock worth $320,000 after purchasing an additional 900 shares during the period. Finally, Telemus Capital LLC boosted its position in Rocket Companies by 4.0% during the second quarter. Telemus Capital LLC now owns 26,181 shares of the company’s stock worth $507,000 after purchasing an additional 1,000 shares during the period. 3.74% of the stock is owned by hedge funds and other institutional investors.

NYSE RKT traded up $0.37 on Wednesday, hitting $16.92. 56,525 shares of the company were exchanged, compared to its average volume of 13,030,300. The company’s 50 day moving average price is $17.41 and its 200-day moving average price is $19.63. The company has a debt-to-equity ratio of 2.74, a current ratio of 24.42 and a quick ratio of 24.42. The firm has a market capitalization of $33.62 billion and a P/E ratio of 5.34. Rocket Companies has a twelve month low of $16.22 and a twelve month high of $43.00.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, August 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.77 billion. Rocket Companies had a return on equity of 94.06% and a net margin of 2.31%. As a group, equities analysts expect that Rocket Companies will post 2.05 EPS for the current year.

A number of equities analysts have commented on RKT shares. Jefferies Financial Group downgraded shares of Rocket Companies from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $26.00 to $18.00 in a report on Monday, July 12th. Barclays reduced their price target on shares of Rocket Companies from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Friday, August 13th. Credit Suisse Group boosted their price target on shares of Rocket Companies from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, August 13th. Wedbush downgraded shares of Rocket Companies from a “neutral” rating to an “underperform” rating and set a $12.00 price objective for the company. in a report on Tuesday, July 20th. Finally, Argus assumed coverage on shares of Rocket Companies in a report on Tuesday, June 8th. They issued a “buy” rating and a $23.00 price objective for the company. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and a consensus price target of $20.37.

Rocket Companies Company Profile

Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and eCommerce businesses in the United States and Canada. It operates in 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to national car rental and online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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