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

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

Rocket Companies Trading Down 1.0 %

Shares of NYSE RKT traded down $0.13 during midday trading on Friday, hitting $13.03. The stock had a trading volume of 4,391,618 shares, compared to its average volume of 3,541,371. 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 1-year low of $10.06 and a 1-year high of $21.38. The company has a market capitalization of $26.00 billion, a price-to-earnings ratio of -81.41 and a beta of 2.39. The company has a fifty day moving average price of $13.33 and a 200 day moving average price of $14.37.

Rocket Companies Cuts Dividend

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

Wall Street Analysts Forecast Growth

RKT has been the subject of several recent analyst reports. Wedbush reaffirmed a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Morgan Stanley lowered their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Keefe, Bruyette & Woods increased their target price on Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a research report on Monday, March 3rd. JPMorgan Chase & Co. decreased 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. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus price target of $13.83.

Hedge Funds Weigh In On Rocket Companies

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

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.