Short Interest in Rocket Companies, Inc. (NYSE:RKT) Rises By 42.8%

Rocket Companies, Inc. (NYSE:RKT) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 30,600,000 shares, an increase of 42.8% from the February 28th total of 21,430,000 shares. Based on an average daily volume of 4,920,000 shares, the short-interest ratio is currently 6.2 days. Approximately 22.8% of the shares of the company are short sold.

Analyst Ratings Changes

RKT has been the topic of several research reports. Wedbush restated a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $12.50 to $11.50 in a report on Friday, January 10th. The Goldman Sachs Group reduced their target price on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley decreased their price target on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.83.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RKT. Vanguard Group Inc. increased its stake in shares of Rocket Companies by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock valued at $140,976,000 after buying an additional 431,054 shares during the period. Boston Partners lifted its holdings in Rocket Companies by 29.8% during the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after acquiring an additional 2,829,292 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Rocket Companies by 2.2% in the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock valued at $91,904,000 after purchasing an additional 174,978 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after buying an additional 2,804,090 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Rocket Companies by 174.5% in the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after purchasing an additional 2,990,837 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of NYSE:RKT traded down $0.99 during midday trading on Monday, reaching $12.05. The company’s stock had a trading volume of 43,824,219 shares, compared to its average volume of 3,701,901. The business’s fifty day simple moving average is $13.34 and its 200-day simple moving average is $14.32. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The company has a market capitalization of $24.04 billion, a P/E ratio of -75.28 and a beta of 2.39.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be issued a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio is currently 801.25%.

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.