Rocket Companies (NYSE:RKT) Stock Price Up 8.5% – Still a Buy?

Rocket Companies, Inc. (NYSE:RKT) was up 8.5% on Wednesday . The company traded as high as $14.80 and last traded at $14.58. Approximately 3,575,030 shares changed hands during mid-day trading, a decline of 0% from the average daily volume of 3,575,250 shares. The stock had previously closed at $13.44.

Analyst Ratings Changes

RKT has been the subject of a number of research reports. Morgan Stanley lowered their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a research note on Wednesday. Piper Sandler lowered their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Royal Bank of Canada cut their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Price Performance

The business’s 50-day simple moving average is $12.16 and its two-hundred day simple moving average is $15.05. The stock has a market cap of $29.81 billion, a price-to-earnings ratio of -93.41 and a beta of 2.43. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Rocket Companies during the third quarter worth about $39,000. Itau Unibanco Holding S.A. acquired a new position in Rocket Companies in the 4th quarter valued at approximately $47,000. KBC Group NV raised its stake in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 3,019 shares during the period. Finally, Caisse Des Depots ET Consignations bought a new stake in shares of Rocket Companies in the fourth quarter worth $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.