Rocket Companies (NYSE:RKT) Trading Up 8.5% – Here’s Why

Rocket Companies, Inc. (NYSE:RKT)’s stock price shot up 8.5% during mid-day trading on Wednesday . The company traded as high as $14.80 and last traded at $14.58. 3,575,030 shares were traded during trading, a decline of 0% from the average session volume of 3,575,250 shares. The stock had previously closed at $13.44.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $12.50 to $11.50 in a research report on Friday, January 10th. Wedbush reiterated a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a report on Wednesday. Morgan Stanley lowered 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 note on Thursday, December 19th. Royal Bank of Canada reduced their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group lowered their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock 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 company. Based on data from MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Up 11.2 %

The business’s fifty day moving average price is $12.16 and its 200 day moving average price is $15.05. The firm has a market capitalization of $29.81 billion, a price-to-earnings ratio of -93.41 and a beta of 2.43. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently made changes to their positions in RKT. Cetera Investment Advisers raised its holdings in Rocket Companies by 2.9% during the fourth quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock worth $372,000 after purchasing an additional 936 shares in the last quarter. Vident Advisory LLC lifted its position in Rocket Companies by 3.6% in the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock worth $347,000 after buying an additional 1,078 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Rocket Companies in the third quarter worth approximately $39,000. KBC Group NV lifted its position in shares of Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after buying an additional 2,226 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings 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 buying an additional 2,437 shares during the period. 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.