On March 3, 2023 at 09:55:57 ET an unusually large $77.77K block of Put contracts in Rocket Companies (RKT) was sold, with a strike price of $8.00 / share, expiring in 14 days (on March 17, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.89 sigmas above the mean, placing it in the 90.24 percentile of all recent large trades made in RKT options.

This trade was first picked up on Fintel’s real time Options Flow tool, where all large block option trades are tracked.

Analyst Price Forecast Suggests 6.75% Downside

As of March 2, 2023, the average one-year price target for Rocket Companies is $7.54. The forecasts range from a low of $6.06 to a high of $10.50. The average price target represents a decrease of 6.75% from its latest reported closing price of $8.09.

The projected annual revenue for Rocket Companies is $4,268MM, a decrease of 28.92%. The projected annual EPS is $0.02, a decrease of 94.05%.

What is the Fund Sentiment?

There are 438 funds or institutions reporting positions in Rocket Companies. This is an increase of 18 owner(s) or 4.29% in the last quarter. Average portfolio weight of all funds dedicated to RKT is 0.10%, a decrease of 0.57%. Total shares owned by institutions increased in the last three months by 11.60% to 101,568K shares. The put/call ratio of RKT is 0.70, indicating a bullish outlook.

What are large shareholders doing?

Caledonia Investments Pty holds 10,595K shares representing 8.70% ownership of the company. In it’s prior filing, the firm reported owning 9,253K shares, representing an increase of 12.66%. The firm increased its portfolio allocation in RKT by 14.91% over the last quarter.

Invesco holds 6,141K shares representing 5.04% ownership of the company. In it’s prior filing, the firm reported owning 8,354K shares, representing a decrease of 36.03%. The firm decreased its portfolio allocation in RKT by 25.91% over the last quarter.

AIM EQUITY FUNDS – Invesco Oppenheimer Main Street Fund Class C holds 4,953K shares representing 4.07% ownership of the company. In it’s prior filing, the firm reported owning 4,925K shares, representing an increase of 0.55%. The firm decreased its portfolio allocation in RKT by 20.61% over the last quarter.

Technology Crossover Management X holds 4,450K shares representing 3.65% ownership of the company. No change in the last quarter.

Davis Selected Advisers holds 3,762K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 4,015K shares, representing a decrease of 6.72%. The firm decreased its portfolio allocation in RKT by 0.80% over the last quarter.

Rocket Companies Background Information
(This description is provided by the company.)

Rocket Companies is a Detroit-based holding company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast, and trusted digital solutions. Rocket Companies has 22,000 team members across the United States and Canada. Its flagship company, Rocket Mortgage, has been named to Fortune magazine’s list of ‘100 Best Companies to Work For’ for 17 consecutive years.

This article originally appeared on Fintel

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