Rocket Companies (NYSE:RKT) Sees Strong Trading Volume – Time to Buy?

Rocket Companies, Inc. (NYSE:RKT) saw unusually-strong trading volume on Monday . Approximately 8,077,282 shares changed 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 analysts have recently issued reports on RKT shares. JPMorgan Chase & Co. reduced 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. Morgan Stanley dropped their price objective on shares of 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. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, April 2nd. Finally, The Goldman Sachs Group cut their price objective on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.25.

Rocket Companies Price Performance

The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The stock has a 50 day moving average of $13.54 and a two-hundred day moving average of $14.06. The firm has a market capitalization of $25.34 billion, a P/E ratio of -79.34 and a beta of 2.35.

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 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 is currently 801.25%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RKT. Parallel Advisors LLC boosted its holdings in Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after acquiring an additional 2,221 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of Rocket Companies during the 4th quarter worth about $47,000. KBC Group NV boosted 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 valued at $68,000 after purchasing an additional 2,226 shares during the period. Sterling Capital Management LLC grew its holdings in Rocket Companies by 57.2% in the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after buying an additional 3,019 shares during the last quarter. Finally, Caisse Des Depots ET Consignations acquired a new stake in Rocket Companies in the 4th quarter valued at approximately $99,000. 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.