Rocket Companies (NYSE:RKT) Sees Large Volume Increase – Should You Buy?

Shares of Rocket Companies, Inc. (NYSE:RKT) saw strong trading volume on Tuesday . 4,585,852 shares were traded during trading, an increase of 24% from the previous session’s volume of 3,710,306 shares.The stock last traded at $12.20 and had previously closed at $12.07.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RKT. 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. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. 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. Morgan Stanley decreased 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 note on Thursday, December 19th. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their price objective for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Three 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.08.

Rocket Companies Stock 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 company has a fifty day moving average of $13.39 and a two-hundred day moving average of $14.27. The firm has a market capitalization of $27.57 billion, a price-to-earnings ratio of -86.31 and a beta of 2.39.

Rocket Companies Cuts Dividend

The firm also recently announced a dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th will be given a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s payout ratio is presently 801.25%.

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently bought and sold shares of RKT. Itau Unibanco Holding S.A. bought a new position in shares of Rocket Companies during the fourth quarter worth approximately $47,000. KBC Group NV grew its position in Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after buying an additional 2,226 shares in the last quarter. Sterling Capital Management LLC increased its stake in Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after acquiring an additional 3,019 shares during the period. Caisse Des Depots ET Consignations acquired a new position in Rocket Companies in the 4th quarter valued at $99,000. Finally, Garner Asset Management Corp bought a new stake in shares of Rocket Companies during the 4th quarter valued at $118,000. Institutional investors and hedge funds 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.