Rocket Companies, Inc. (NYSE:RKT) Sees Significant Decrease in Short Interest

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw a large decrease in short interest during 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 currently 3.2 days. Approximately 18.6% of the company's stock are short sold.

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC increased its position in shares of Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after purchasing an additional 2,221 shares during the last quarter. GAMMA Investing LLC lifted 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 buying an additional 1,764 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Rocket Companies in the 4th quarter valued at $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 position in Rocket Companies by 57.2% in the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company's stock valued at $93,000 after acquiring an additional 3,019 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays raised Rocket Companies from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 target price on shares of Rocket Companies in a report on Tuesday, April 1st. The Goldman Sachs Group reduced 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 report on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price target 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. Finally, Wedbush reissued an "outperform" rating and set a $13.00 price objective on shares of Rocket Companies in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Rocket Companies currently has an average rating of "Hold" and a consensus price target of $14.38.

Rocket Companies Trading Down 4.0 %

RKT stock traded down $0.49 during mid-day trading on Monday, hitting $11.56. 1,542,974 shares of the company were exchanged, compared to its average volume of 7,996,174. 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 firm has a market capitalization of $23.07 billion, a P/E ratio of -72.22 and a beta of 2.35. The business has a fifty day simple moving average of $13.48 and a 200-day simple moving average of $13.64. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies Cuts Dividend

The business also recently announced a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies's dividend payout ratio (DPR) is presently 801.25%.

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.

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