Rocket Companies, Inc. (NYSE:RKT) Short Interest Update

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. Approximately 22.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,920,000 shares, the short-interest ratio is currently 6.2 days.

Rocket Companies Stock Down 7.6 %

Shares of RKT traded down $0.99 during mid-day trading on Monday, hitting $12.05. 43,824,219 shares of the company’s stock were exchanged, compared to its average volume of 3,701,901. The stock has a market cap of $24.04 billion, a price-to-earnings ratio of -75.28 and a beta of 2.39. The firm has a fifty day moving average of $13.34 and a two-hundred day moving average of $14.32. 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 has a twelve month low of $10.06 and a twelve month high of $21.38.

Rocket Companies Cuts Dividend

The business also recently announced 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 of this dividend is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is currently 801.25%.

Hedge Funds Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. bought a new stake in shares of Rocket Companies during the 4th quarter worth $47,000. KBC Group NV boosted its holdings in Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares during the period. Sterling Capital Management LLC lifted its position in shares of Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after purchasing an additional 3,019 shares during the last quarter. Caisse Des Depots ET Consignations bought a new stake in Rocket Companies during the 4th quarter valued at approximately $99,000. Finally, Garner Asset Management Corp acquired a new stake in Rocket Companies in the 4th quarter valued at approximately $118,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RKT shares. Keefe, Bruyette & Woods upped their price target on shares of Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a research note on Monday, March 3rd. Morgan Stanley lowered their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. cut their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Finally, Wedbush reiterated a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a research report on Wednesday, March 5th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus target price of $13.83.

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.