Rocket Companies (NYSE:RKT) Shares Up 11.5% – Time to Buy?

Rocket Companies, Inc. (NYSE:RKT)’s stock price rose 11.5% on Wednesday . The company traded as high as $13.93 and last traded at $14.05. Approximately 3,801,815 shares traded hands during trading, a decline of 0% from the average daily volume of 3,809,218 shares. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RKT shares. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price target for the company from $12.50 to $11.50 in a research report on Friday, January 10th. Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating and set a $14.00 target price on the stock in a research report on Wednesday. The Goldman Sachs Group decreased their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday. Finally, Morgan Stanley reduced their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.08.

Rocket Companies Trading Up 14.6 %

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 firm has a market cap of $28.81 billion, a P/E ratio of -90.21 and a beta of 2.39. The firm’s 50-day simple moving average is $13.35 and its 200 day simple moving average is $14.27.

Rocket Companies Cuts Dividend

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

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP lifted 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 valued at $52,980,000 after buying an additional 2,990,837 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 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 acquiring an additional 46,856 shares during the period. Voloridge Investment Management LLC lifted its holdings in Rocket Companies by 37.3% during the fourth 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 boosted its position in Rocket Companies by 3.6% during the fourth quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock worth $347,000 after purchasing an additional 1,078 shares during the period. Finally, Two Sigma Investments LP increased its stake in shares of Rocket Companies by 6.5% in the fourth quarter. Two Sigma Investments LP now owns 205,273 shares of the company’s stock worth $2,311,000 after purchasing an additional 12,508 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

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.