Rocket Companies, Inc. (NYSE:RKT) Short Interest Down 15.9% in March

Rocket Companies, Inc. (NYSE:RKT) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 25,720,000 shares, a decrease of 15.9% from the March 15th total of 30,600,000 shares. Based on an average daily volume of 8,010,000 shares, the days-to-cover ratio is presently 3.2 days. Currently, 18.6% of the company’s shares are sold short.

Rocket Companies Stock Performance

Shares of RKT opened at $12.32 on Wednesday. The stock has a 50-day simple moving average of $13.46 and a 200-day simple moving average of $13.59. 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 1 year low of $10.06 and a 1 year high of $21.38. The stock has a market capitalization of $24.59 billion, a PE ratio of -77.00 and a beta of 2.35.

Rocket Companies Cuts Dividend

The company also recently declared a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently 801.25%.

Analyst Ratings Changes

A number of research analysts have commented on RKT shares. JPMorgan Chase & Co. decreased their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. Wedbush reiterated an “outperform” rating and issued a $13.00 target price on shares of Rocket Companies in a report on Wednesday, April 16th. The Goldman Sachs Group decreased their price target 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, Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.38.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of RKT. Parallel Advisors LLC raised its stake in Rocket Companies by 302.2% in the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after buying an additional 2,221 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Rocket Companies by 82.4% during the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock worth $47,000 after acquiring an additional 1,764 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Rocket Companies during the fourth quarter worth approximately $47,000. KBC Group NV raised its stake in Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after acquiring an additional 2,226 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 3,019 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.