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

Rocket Companies, Inc. (NYSE:RKT) gapped down before the market opened on Monday . The stock had previously closed at $13.03, but opened at $12.24. Rocket Companies shares last traded at $12.04, with a volume of 5,696,426 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wedbush reissued a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. The Goldman Sachs Group dropped their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price objective 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 investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Price 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 company’s fifty day moving average price is $13.33 and its 200 day moving average price is $14.37. The company has a market capitalization of $23.38 billion, a P/E ratio of -73.41 and a beta of 2.39.

Rocket Companies Cuts Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RKT. Wellington Management Group LLP boosted its position in shares of Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after acquiring an additional 2,990,837 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Rocket Companies by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 330,293 shares of the company’s stock valued at $3,719,000 after purchasing an additional 46,856 shares in the last quarter. Voloridge Investment Management LLC increased its stake in shares of Rocket Companies by 37.3% in the 4th quarter. Voloridge Investment Management LLC now owns 2,187,240 shares of the company’s stock valued at $24,628,000 after purchasing an additional 593,708 shares during the last quarter. Vident Advisory LLC raised its holdings in shares of Rocket Companies by 3.6% during 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. Finally, Two Sigma Investments LP lifted its position in shares of Rocket Companies by 6.5% during the 4th quarter. Two Sigma Investments LP now owns 205,273 shares of the company’s stock worth $2,311,000 after buying an additional 12,508 shares during the last quarter. Institutional investors and hedge funds 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.