Rocket Companies (NYSE:RKT) Sees Unusually-High Trading Volume – Still a Buy?

Rocket Companies, Inc. (NYSE:RKT) saw unusually-strong trading volume on Monday . Approximately 8,077,282 shares changed hands during trading, an increase of 95% from the previous session’s volume of 4,137,266 shares.The stock last traded at $15.13 and had previously closed at $15.40.

Analyst Ratings Changes

A number of brokerages have issued reports on RKT. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a research note on Tuesday, April 1st. Wedbush reaffirmed a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $12.00 to $14.00 in a report on Wednesday, April 2nd. The Goldman Sachs Group dropped their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Rocket Companies presently has an average rating of “Hold” and a consensus target price of $14.08.

Rocket Companies Trading Down 5.1 %

The company has a market cap of $29.17 billion, a price-to-earnings ratio of -91.34 and a beta of 2.35. 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 business’s fifty day simple moving average is $13.49 and its two-hundred day simple moving average is $14.14.

Rocket Companies Cuts Dividend

The company also recently announced a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s payout ratio is currently 801.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Rocket Companies in the fourth quarter valued at approximately $47,000. KBC Group NV raised its position in Rocket Companies by 58.1% in the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after purchasing an additional 2,226 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after purchasing an additional 3,019 shares during the period. Caisse Des Depots ET Consignations purchased a new position in Rocket Companies during the 4th quarter worth $99,000. Finally, Garner Asset Management Corp acquired a new position in Rocket Companies in the fourth quarter valued at $118,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.