Rocket Companies (NYSE:RKT) Sees Large Volume Increase – What’s Next?

Rocket Companies, Inc. (NYSE:RKT) shares saw an uptick in 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.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RKT shares. Morgan Stanley lowered their price objective 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. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price target for the company from $12.50 to $11.50 in a report on Friday, January 10th. 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 research report on Tuesday, January 14th. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $12.00 to $14.00 in a report on Wednesday. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a report on Wednesday, March 5th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.08.

Rocket Companies Stock Performance

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 stock has a market capitalization of $27.57 billion, a price-to-earnings ratio of -86.31 and a beta of 2.39. The stock’s 50-day simple moving average is $13.39 and its 200 day simple moving average is $14.27.

Rocket Companies Cuts Dividend

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

Institutional Trading of Rocket Companies

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