Rocket Companies, Inc. (NYSE:RKT) Sees Large Growth in Short Interest

Rocket Companies, Inc. (NYSE:RKT) was the recipient of a significant growth in short interest in 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. Currently, 22.8% of the company’s shares are sold short. Based on an average trading volume of 4,920,000 shares, the short-interest ratio is currently 6.2 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AXQ Capital LP raised its stake in Rocket Companies by 125.7% in the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock valued at $1,652,000 after buying an additional 81,695 shares during the last quarter. Quantbot Technologies LP raised its position in shares of Rocket Companies by 76.9% in the 4th quarter. Quantbot Technologies LP now owns 270,761 shares of the company’s stock valued at $3,049,000 after purchasing an additional 117,728 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Rocket Companies by 131.7% in the 4th quarter. Jones Financial Companies Lllp now owns 36,427 shares of the company’s stock valued at $410,000 after purchasing an additional 20,706 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Rocket Companies by 11.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,163,243 shares of the company’s stock worth $13,098,000 after purchasing an additional 122,534 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Rocket Companies during the 3rd quarter valued at approximately $1,486,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RKT has been the topic of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price target for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Wedbush restated a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. The Goldman Sachs Group dropped their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Finally, Morgan Stanley cut their target price on shares of 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. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Stock Up 4.1 %

NYSE:RKT traded up $0.50 during midday trading on Tuesday, reaching $12.57. 24,686,498 shares of the stock traded hands, compared to its average volume of 3,792,421. The business has a 50-day moving average of $13.35 and a two-hundred day moving average of $14.27. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38. The stock has a market capitalization of $25.08 billion, a PE ratio of -78.53 and a beta of 2.39.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Stockholders 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 801.25%.

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.