Rocket Companies (NYSE:RKT) Sees Large Volume Increase - What's Next?

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) saw strong trading volume on Monday . 8,077,282 shares were traded during mid-day 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

Several research firms recently commented on RKT. The Goldman Sachs Group dropped their target price on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. Morgan Stanley dropped their price target on shares of Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Thursday, December 19th. Wedbush reissued a "neutral" rating and set a $13.00 price objective on shares of Rocket Companies in a research note on Wednesday, March 5th. Finally, Keefe, Bruyette & Woods lifted their target price on Rocket Companies from $14.00 to $15.00 and gave the company a "market perform" rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.25.

Rocket Companies Price Performance

The company has a market capitalization of $23.67 billion, a P/E ratio of -74.12 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 has a 50 day simple moving average of $13.53 and a 200-day simple moving average of $13.90.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were given a $0.80 dividend. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies's dividend payout ratio is presently 801.25%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 3.6% during the fourth 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 last quarter. Boston Partners raised its stake in Rocket Companies by 29.8% during the 4th 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 in the last quarter. JPMorgan Chase & Co. boosted its position in Rocket Companies by 2.2% during the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company's stock worth $91,904,000 after acquiring an additional 174,978 shares during the period. Nuveen Asset Management LLC grew its stake in shares of 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 in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of 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 and hedge funds.

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.