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

Rocket Companies, Inc. (NYSE:RKT) saw some unusual options trading activity on Wednesday. Stock investors purchased 64,478 call options on the company. This is an increase of 348% compared to the typical volume of 14,379 call options.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.81 on Thursday. The firm has a market capitalization of $27.57 billion, a P/E ratio of -86.31 and a beta of 2.39. Rocket Companies has a 12 month low of $10.06 and a 12 month high of $21.38. 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 company’s fifty day moving average price is $13.39 and its two-hundred day moving average price is $14.27.

Rocket Companies Cuts Dividend

The firm also recently announced a dividend, which will be paid on Thursday, April 3rd. Shareholders 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 801.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RKT shares. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $12.00 to $14.00 in a research report on Wednesday. The Goldman Sachs Group dropped their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday. Finally, JPMorgan Chase & Co. cut 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. 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’s stock. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus price target of $14.08.

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new stake in Rocket Companies in the fourth quarter valued at $47,000. KBC Group NV grew its stake 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 purchasing an additional 2,226 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Rocket Companies by 57.2% in the fourth 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. Caisse Des Depots ET Consignations bought a new stake in Rocket Companies in the fourth quarter valued at about $99,000. Finally, Garner Asset Management Corp acquired a new stake in Rocket Companies during the fourth quarter valued at approximately $118,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

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.