Rocket Companies (NYSE:RKT) Sees Unusually-High Trading Volume – Should You Buy?

Rocket Companies, Inc. (NYSE:RKT) saw strong trading volume on Tuesday . 4,585,852 shares were traded during trading, an increase of 24% from the previous session’s volume of 3,710,306 shares.The stock last traded at $12.20 and had previously closed at $12.07.

Analysts Set New Price Targets

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

Rocket Companies Stock Up 6.3 %

The company has a fifty day simple moving average of $13.34 and a 200-day simple 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. The firm has a market cap of $25.60 billion, a P/E ratio of -80.26 and a beta of 2.39.

Rocket Companies Cuts Dividend

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

Institutional Inflows and Outflows

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

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.