Short Interest in Rocket Companies, Inc. (NYSE:RKT) Rises By 42.8%

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 30,600,000 shares, an increase of 42.8% from the February 28th total of 21,430,000 shares. Based on an average daily volume of 4,920,000 shares, the short-interest ratio is presently 6.2 days. Currently, 22.8% of the company's shares are short sold.

Rocket Companies Trading Down 0.3 %

Rocket Companies stock traded down $0.04 during mid-day trading on Thursday, reaching $13.82. 16,588,498 shares of the company traded hands, compared to its average volume of 3,969,283. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38. The firm has a market capitalization of $27.58 billion, a price-to-earnings ratio of -86.36 and a beta of 2.39. The firm's 50 day moving average price is $13.42 and its 200 day moving average price is $14.26.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be given a dividend of $0.80 per share. The ex-dividend date is Thursday, March 20th. Rocket Companies's dividend payout ratio is currently 801.25%.

Hedge Funds Weigh In On Rocket Companies

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Rocket Companies by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company's stock worth $140,976,000 after acquiring an additional 431,054 shares during the period. Boston Partners boosted its position in shares of Rocket Companies by 29.8% during the fourth quarter. Boston Partners now owns 12,313,780 shares of the company's stock valued at $138,673,000 after purchasing an additional 2,829,292 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Rocket Companies by 2.2% in the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company's stock worth $91,904,000 after purchasing an additional 174,978 shares during the period. Nuveen Asset Management LLC grew its stake in Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock worth $91,455,000 after purchasing an additional 2,804,090 shares during the period. Finally, Wellington Management Group LLP raised 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 in the last quarter. 4.59% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

Several analysts have issued reports on RKT shares. JPMorgan Chase & Co. cut their price target on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a research report on Tuesday, January 14th. Royal Bank of Canada restated a "sector perform" rating and set a $18.00 target price on shares of Rocket Companies in a report on Tuesday. Morgan Stanley decreased their price target on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Thursday, December 19th. Keefe, Bruyette & Woods raised Rocket Companies from an "underperform" rating to a "market perform" rating and increased their price objective for the company from $12.00 to $14.00 in a research note on Wednesday. Finally, Wedbush restated a "neutral" rating and issued a $13.00 target price on shares of Rocket Companies in a report on Wednesday, March 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $14.08.

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.