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

Shares of Rocket Companies, Inc. (NYSE:RKT) saw an uptick in trading volume on Tuesday . 4,726,181 shares were traded during trading, an increase of 48% from the previous session’s volume of 3,202,529 shares.The stock last traded at $12.93 and had previously closed at $13.35.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. 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 report on Tuesday, January 14th. The Goldman Sachs Group cut their target price on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Piper Sandler decreased their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research note on Wednesday, March 5th. Finally, Bank of America increased their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Stock Performance

The company has a 50-day simple moving average of $12.45 and a two-hundred day simple moving average of $14.91. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a market capitalization of $26.74 billion, a P/E ratio of -83.53 and a beta of 2.39.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. Wellington Management Group LLP grew its holdings in Rocket Companies by 174.5% in the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after purchasing an additional 2,990,837 shares during the period. Boston Partners boosted its position in shares of Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after purchasing an additional 2,829,292 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after buying an additional 2,804,090 shares during the last quarter. State Street Corp grew its stake in shares of Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Rocket Companies during the 4th quarter valued at approximately $14,113,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.