Short Interest in Rocket Companies, Inc. (NYSE:RKT) Decreases By 16.1%

Rocket Companies, Inc. (NYSE:RKT) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 16,110,000 shares, a decrease of 16.1% from the October 31st total of 19,190,000 shares. Based on an average daily trading volume, of 3,510,000 shares, the days-to-cover ratio is currently 4.6 days. Approximately 12.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RKT. Keefe, Bruyette & Woods cut their price objective on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a research report on Thursday, November 14th. UBS Group cut their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Barclays reduced their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 13th. Piper Sandler lowered their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Royal Bank of Canada reduced their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.13.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new stake in shares of Rocket Companies in the third quarter worth about $39,000. Quarry LP boosted its position in Rocket Companies by 858.8% in 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 in the last quarter. Blue Trust Inc. acquired a new stake in shares of Rocket Companies during the 2nd quarter worth approximately $61,000. V Square Quantitative Management LLC purchased a new position in shares of Rocket Companies during the 3rd quarter valued at approximately $120,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Rocket Companies by 3,429.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after purchasing an additional 7,168 shares during the period. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Trading Up 1.3 %

Shares of NYSE:RKT opened at $14.53 on Monday. The business has a 50-day moving average price of $16.46 and a 200-day moving average price of $16.32. The stock has a market cap of $28.98 billion, a price-to-earnings ratio of -90.81 and a beta of 2.46. Rocket Companies has a 52-week low of $9.24 and a 52-week high of $21.38. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.01) EPS. Equities analysts predict that Rocket Companies will post 0.16 EPS for the current year.

Rocket Companies Company Profile

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.