Rocket Companies Target of Unusually High Options Trading (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) was the recipient of unusually large options trading on Wednesday. Traders bought 64,478 call options on the stock. This is an increase of approximately 348% compared to the typical daily volume of 14,379 call options.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds have recently bought and sold shares of the business. Itau Unibanco Holding S.A. bought a new stake in shares of Rocket Companies in the 4th quarter worth about $47,000. KBC Group NV grew its position in Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after acquiring an additional 2,226 shares in the last quarter. Sterling Capital Management LLC increased its stake in Rocket Companies by 57.2% during the fourth 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 last quarter. Caisse Des Depots ET Consignations purchased a new stake in Rocket Companies during the fourth quarter valued at approximately $99,000. Finally, Garner Asset Management Corp bought a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $118,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

NYSE:RKT traded up $1.40 during trading hours on Wednesday, reaching $14.00. The stock had a trading volume of 18,257,805 shares, compared to its average volume of 6,219,478. The stock has a market capitalization of $27.94 billion, a PE ratio of -87.47 and a beta of 2.39. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $21.38. The company has a 50 day moving average price of $13.35 and a two-hundred day moving average price of $14.27. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies Cuts Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on RKT shares. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Wednesday. The Goldman Sachs Group reduced their price objective 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. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and lowered their target price for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating and set a $14.00 price target for the company in a research note on Wednesday. Finally, Wedbush restated a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research 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 given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $14.08.

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.