Call Traders Target RKT as Stock Rallies from Lows

The stock hit record lows in late October

Deputy Editor
Dec 8, 2022 at 1:59 PM
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Rocket Companies Inc (NYSE:RKT) is seeing a bullish options surge today, with 22,000 calls across the tape so far, which is three times the intraday average. The weekly 12/9 and weekly 12/30 9-strike calls are the most active, with new positions opening at both. 

This sentiment is keeping with the past couple of weeks, as RKT has seen 3.96 calls for every put in the last 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 80% of readings from the past year, showing long calls being picked up at a faster-than-usual rate. 

Analysts are singing a different tune, however, which leaves room for bull notes. Of the 13 analysts in coverage, 12 carry a "hold" or worse rating on Rocket stock, with only one "strong buy." Plus, the 12-month consensus price target of $7.19 is a 15.3% discount to current levels. 

On the charts, RKT has been attempting to rally from its Oct. 21 record low of $5.97, though long-term pressure at its 200-day moving average could keep a cap on gains. Today, RKT is up 2% at $8.47 at last glance, down 44.3% year-over-year. 

RKT Nov8

 

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