Investors Purchase Large Volume of Call Options on Rocket Companies (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) saw unusually large options trading on Friday. Traders acquired 33,010 call options on the company. This is an increase of 204% compared to the typical volume of 10,843 call options.

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Rocket Companies by 16.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 330,293 shares of the company’s stock valued at $3,719,000 after acquiring an additional 46,856 shares during the period. Voloridge Investment Management LLC raised its stake in Rocket Companies by 37.3% during the 4th quarter. Voloridge Investment Management LLC now owns 2,187,240 shares of the company’s stock valued at $24,628,000 after purchasing an additional 593,708 shares during the last quarter. Vident Advisory LLC boosted its holdings in Rocket Companies by 3.6% in the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock valued at $347,000 after purchasing an additional 1,078 shares during the period. Two Sigma Investments LP grew its position in Rocket Companies by 6.5% in the 4th quarter. Two Sigma Investments LP now owns 205,273 shares of the company’s stock worth $2,311,000 after purchasing an additional 12,508 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Rocket Companies during the 4th quarter worth about $14,113,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Up 6.1 %

Rocket Companies stock opened at $15.76 on Friday. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a market capitalization of $31.43 billion, a PE ratio of -98.47 and a beta of 2.39. The business’s 50-day simple moving average is $12.41 and its 200-day simple moving average is $15.02.

Wall Street Analyst Weigh In

Several brokerages recently commented on RKT. Morgan Stanley lowered their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Barclays decreased their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group cut their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a research note on Monday, March 3rd. Finally, Wedbush reissued a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $13.83.

About Rocket Companies

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.