Rocket Companies (NYSE:RKT) Shares Gap Down – Here’s Why

Shares of Rocket Companies, Inc. (NYSE:RKT) gapped down prior to trading on Monday . The stock had previously closed at $15.77, but opened at $13.74. Rocket Companies shares last traded at $13.72, with a volume of 9,826,182 shares trading hands.

Analyst Ratings Changes

A number of analysts have commented on RKT shares. Piper Sandler cut their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Morgan Stanley decreased their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. Barclays dropped their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Bank of America raised their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group cut their target price on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Price Performance

The business has a 50 day simple moving average of $12.41 and a 200-day simple moving average of $14.96. 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 stock has a market cap of $26.66 billion, a P/E ratio of -83.92 and a beta of 2.39.

Institutional Trading of Rocket Companies

A number of institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Rocket Companies in the third quarter valued at $39,000. Itau Unibanco Holding S.A. bought a new position in Rocket Companies during the fourth 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 worth $68,000 after acquiring an additional 2,226 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Rocket Companies by 57.2% in 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 last quarter. Finally, Caisse Des Depots ET Consignations purchased a new stake in shares of Rocket Companies in the 4th quarter valued at $99,000. 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.