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

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw a large growth in short interest in May. As of May 15th, there was short interest totalling 62,040,000 shares, a growth of 28.2% from the April 30th total of 48,400,000 shares. Based on an average trading volume of 12,630,000 shares, the days-to-cover ratio is currently 4.9 days. Approximately 44.9% of the company's stock are short sold.

Rocket Companies Stock Performance

NYSE RKT traded down $0.22 during trading on Wednesday, reaching $12.47. 15,568,431 shares of the company's stock were exchanged, compared to its average volume of 9,347,024. 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 business has a 50 day moving average price of $12.64 and a 200-day moving average price of $12.77. The stock has a market capitalization of $24.94 billion, a P/E ratio of -77.94 and a beta of 2.33. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm earned $0.04 EPS. The firm's revenue was down 10.8% compared to the same quarter last year. Sell-side analysts forecast that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Rocket Companies Cuts Dividend

The business also recently announced a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were paid a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies's dividend payout ratio is presently -4,273.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RKT shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $15.00 to $13.00 and set a "market perform" rating on the stock in a research note on Monday, May 12th. Wedbush reissued a "neutral" rating and set a $12.00 price target (down from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $10.00 to $14.00 in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft raised Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price on the stock in a research report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.21.

Institutional Trading of Rocket Companies

Hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers grew its stake in shares of Rocket Companies by 2.9% in the fourth quarter. Cetera Investment Advisers now owns 33,035 shares of the company's stock valued at $372,000 after acquiring an additional 936 shares in the last quarter. USS Investment Management Ltd boosted its holdings in Rocket Companies by 2.7% in the 1st quarter. USS Investment Management Ltd now owns 37,152 shares of the company's stock valued at $448,000 after purchasing an additional 967 shares during the period. Amundi grew its position in shares of Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company's stock worth $403,000 after purchasing an additional 997 shares in the last quarter. Vident Advisory LLC grew its position in shares of Rocket Companies by 3.6% during the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company's stock worth $347,000 after purchasing an additional 1,078 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Rocket Companies by 22.8% during the first quarter. CWM LLC now owns 6,702 shares of the company's stock worth $81,000 after purchasing an additional 1,243 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

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.