Rocket Companies (NYSE:RKT) Shares Gap Up – Should You Buy?

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 traded.

Analyst Ratings Changes

RKT has been the subject of several research analyst reports. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and cut their price objective for the stock from $12.50 to $11.50 in a report on Friday, January 10th. The Goldman Sachs Group reduced 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. Keefe, Bruyette & Woods lifted their target price on Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a research note on Monday, March 3rd. 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. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, Rocket Companies presently has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Performance

The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The business has a 50 day moving average price of $13.33 and a 200 day moving average price of $14.39. The stock has a market cap of $26.00 billion, a P/E ratio of -81.41 and a beta of 2.39.

Rocket Companies Cuts Dividend

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

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new position in Rocket Companies during the 4th quarter worth $47,000. KBC Group NV increased its position in shares of Rocket Companies by 58.1% during the fourth 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. Sterling Capital Management LLC increased its position in Rocket Companies by 57.2% during the 4th 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 position in shares of Rocket Companies in the 4th quarter valued at approximately $99,000. Finally, Garner Asset Management Corp purchased a new position in shares of Rocket Companies in the fourth quarter worth $118,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.