Investors Purchase High Volume of Rocket Companies Call Options (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKT) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 64,478 call options on the company. This is an increase of 348% compared to the average daily volume of 14,379 call options.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RKT shares. JPMorgan Chase & Co. reduced their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday. Morgan Stanley dropped their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Wednesday. Finally, UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price target for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $14.08.

Rocket Companies Stock Performance

RKT stock opened at $13.81 on Thursday. The firm has a 50 day moving average of $13.39 and a two-hundred day moving average of $14.27. Rocket Companies has a 12 month low of $10.06 and a 12 month high of $21.38. The company has a market capitalization of $27.57 billion, a price-to-earnings ratio of -86.31 and a beta of 2.39. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

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 dividend of $0.80 per share. The ex-dividend date is Thursday, March 20th. Rocket Companies’s payout ratio is 801.25%.

Hedge Funds Weigh In On Rocket Companies

Institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted 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 buying an additional 2,990,837 shares during the last quarter. Boston Partners boosted its holdings in Rocket Companies by 29.8% during the fourth 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 during the period. Nuveen Asset Management LLC grew its position 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 valued at $91,455,000 after purchasing an additional 2,804,090 shares during the last quarter. State Street Corp increased its stake in shares of Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Rocket Companies during the 4th quarter worth about $14,113,000. 4.59% of the stock is currently owned by institutional investors.

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.