Rocket Companies (NYSE:RKT) Sees Unusually-High Trading Volume – Here’s Why

Rocket Companies, Inc. (NYSE:RKT) shares saw unusually-strong trading volume on Monday . Approximately 8,077,282 shares traded 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.

Wall Street Analyst Weigh In

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

Rocket Companies Stock Performance

The stock’s 50-day moving average is $13.49 and its 200-day moving average is $14.14. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The stock has a market cap of $29.17 billion, a price-to-earnings ratio of -91.34 and a beta of 2.35.

Rocket Companies Cuts Dividend

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

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake 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 valued at $140,976,000 after buying an additional 431,054 shares during the period. Boston Partners boosted its holdings in Rocket Companies by 29.8% in the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after acquiring an additional 2,829,292 shares during the last quarter. JPMorgan Chase & Co. grew its position in Rocket Companies by 2.2% during the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock valued at $91,904,000 after acquiring an additional 174,978 shares during the period. Nuveen Asset Management LLC increased its stake in Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after acquiring an additional 2,804,090 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Rocket Companies by 174.5% in the 4th 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. 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.