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

Rocket Companies, Inc. (NYSE:RKT) gapped down prior to trading on Wednesday . The stock had previously closed at $13.19, but opened at $12.55. Rocket Companies shares last traded at $12.15, with a volume of 4,605,855 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on RKT shares. Morgan Stanley dropped their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Keefe, Bruyette & Woods increased their price target on Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a research note on Tuesday. Barclays raised Rocket Companies from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $10.00 to $14.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and a consensus price target of $14.25.

Rocket Companies Stock Performance

The firm has a market capitalization of $23.92 billion, a P/E ratio of -74.78 and a beta of 2.35. 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 firm has a 50-day moving average price of $13.54 and a two-hundred day moving average price of $14.06.

Rocket Companies Cuts Dividend

The business also recently disclosed a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were given a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is 801.25%.

Institutional Trading of Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Rocket Companies by 2.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 283,437 shares of the company’s stock valued at $5,439,000 after purchasing an additional 7,824 shares in the last quarter. Quantinno Capital Management LP increased its position in Rocket Companies by 2.3% during the 3rd quarter. Quantinno Capital Management LP now owns 153,564 shares of the company’s stock valued at $2,947,000 after purchasing an additional 3,402 shares during the period. State Street Corp raised its holdings in shares of Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Rocket Companies by 6,932.4% in the 3rd quarter. National Bank of Canada FI now owns 145,922 shares of the company’s stock worth $2,800,000 after purchasing an additional 143,847 shares during the period. Finally, Barclays PLC boosted its stake in shares of Rocket Companies by 136.2% during the third quarter. Barclays PLC now owns 238,323 shares of the company’s stock valued at $4,573,000 after purchasing an additional 137,441 shares in the last quarter. 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.