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

Rocket Companies, Inc. (NYSE:RKT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $13.16, but opened at $13.44. Rocket Companies shares last traded at $13.19, with a volume of 604,501 shares trading hands.

Analyst Upgrades and Downgrades

RKT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a report on Monday, March 3rd. JPMorgan Chase & Co. reduced their target price on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. The Goldman Sachs Group lowered their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Morgan Stanley reduced their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Performance

The firm has a market capitalization of $25.94 billion, a price-to-earnings ratio of -81.28 and a beta of 2.39. The firm has a 50 day moving average price of $13.31 and a 200-day moving average price of $14.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies Cuts Dividend

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

Institutional Trading of Rocket Companies

Large investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new position in Rocket Companies during the 4th quarter worth approximately $47,000. KBC Group NV increased its holdings in Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after buying an additional 2,226 shares during the last quarter. Sterling Capital Management LLC raised its stake 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 in the last quarter. Caisse Des Depots ET Consignations purchased a new stake in Rocket Companies during the 4th quarter worth about $99,000. Finally, Garner Asset Management Corp acquired a new position in shares of Rocket Companies during the 4th quarter worth about $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.