Rocket Companies (NYSE:RKT) Shares Gap Up – What’s Next?

Shares of Rocket Companies, Inc. (NYSE:RKT) gapped up before the market opened 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.

Wall Street Analyst Weigh In

A number of research firms recently commented on RKT. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and cut their target price for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. The Goldman Sachs Group decreased 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. Wedbush reaffirmed a “neutral” rating and set a $13.00 price target on shares of Rocket Companies in a research report on Wednesday, March 5th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a research report on Monday, March 3rd. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Down 1.2 %

The company has a market capitalization of $25.94 billion, a price-to-earnings ratio of -81.28 and a beta of 2.39. 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’s 50 day simple moving average is $13.31 and its 200-day simple moving average is $14.47.

Rocket Companies Cuts Dividend

The company also recently declared a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, March 20th. Rocket Companies’s dividend payout ratio is currently 801.25%.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently added to or reduced their stakes in RKT. Cetera Investment Advisers lifted its holdings in shares of Rocket Companies by 2.9% in the 4th quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock valued at $372,000 after buying an additional 936 shares during the period. Vident Advisory LLC lifted its holdings in Rocket Companies by 3.6% in the fourth quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock valued at $347,000 after acquiring an additional 1,078 shares during the period. KBC Group NV boosted its position in shares of Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after purchasing an additional 2,226 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Rocket Companies by 9.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company’s stock worth $313,000 after purchasing an additional 2,437 shares during the period. Finally, Lakeshore Financial Planning Inc. increased its holdings in shares of Rocket Companies by 21.7% in the 4th quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company’s stock valued at $158,000 after purchasing an additional 2,500 shares in the last quarter. Hedge funds and other 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.