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

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on RKT. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. The Goldman Sachs Group decreased their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Morgan Stanley cut their price objective on shares of 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. JPMorgan Chase & Co. lowered their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a report on Monday, March 3rd. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $13.83.

Institutional Investors Weigh In On Rocket Companies

A number of large investors have recently added to or reduced their stakes in the business. AXQ Capital LP lifted its holdings in shares of 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 purchasing an additional 81,695 shares in the last quarter. Quantbot Technologies LP lifted its stake in 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 buying an additional 117,728 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in 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 buying an additional 20,706 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 valued at $13,098,000 after buying an additional 122,534 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Rocket Companies during the third quarter worth $1,486,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Shares of NYSE:RKT traded down $0.13 during trading on Friday, hitting $13.03. 4,391,618 shares of the stock were exchanged, compared to its average volume of 3,541,371. The company has a market cap of $26.00 billion, a PE ratio of -81.41 and a beta of 2.39. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a fifty day moving average price of $13.33 and a two-hundred day moving average price of $14.37. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be given a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio is presently 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.