Rocket Companies (NYSE:RKT) Shares Gap Down – Should You Sell?

Rocket Companies, Inc. (NYSE:RKT) gapped down prior to trading on Monday . The stock had previously closed at $12.04, but opened at $11.64. Rocket Companies shares last traded at $11.47, with a volume of 844,903 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a report on Tuesday, April 1st. Keefe, Bruyette & Woods upped their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a research note on Tuesday, April 8th. Barclays upgraded shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday, April 2nd. Finally, The Goldman Sachs Group decreased their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $14.38.

Rocket Companies Stock Performance

The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $24.59 billion, a PE ratio of -77.00 and a beta of 2.35. The firm’s fifty day moving average price is $13.46 and its 200 day moving average price is $13.59.

Rocket Companies Cuts Dividend

The company also recently announced 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 of this dividend was Thursday, March 20th. Rocket Companies’s payout ratio is currently 801.25%.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors have recently made changes to their positions in RKT. AXQ Capital LP raised its position in Rocket Companies by 125.7% during the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock valued at $1,652,000 after acquiring an additional 81,695 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock valued at $140,976,000 after purchasing an additional 431,054 shares in the last quarter. Quantbot Technologies LP lifted its stake in shares of Rocket Companies by 76.9% in the 4th quarter. Quantbot Technologies LP now owns 270,761 shares of the company’s stock valued at $3,049,000 after purchasing an additional 117,728 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rocket Companies by 11.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,163,243 shares of the company’s stock worth $13,098,000 after purchasing an additional 122,534 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Rocket Companies by 174.5% during 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. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.