Rocket Companies (NYSE:RKT) Trading 5.4% Higher – Here’s What Happened

Rocket Companies, Inc. (NYSE:RKT) shares were up 5.4% during mid-day trading on Thursday . The stock traded as high as $14.63 and last traded at $14.87. 637,577 shares were traded during mid-day trading, a decline of 81% from the average session volume of 3,375,141 shares. The stock had previously closed at $14.10.

Wall Street Analyst Weigh In

RKT has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price objective on Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a research report on Monday, March 3rd. Morgan Stanley dropped 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 report on Thursday, December 19th. Wedbush restated a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a research note on Wednesday, March 5th. The Goldman Sachs Group lowered 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 report on Tuesday, January 7th. Finally, UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their target price for the company from $12.50 to $11.50 in a research report on Friday, January 10th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Trading Down 1.7 %

The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The company has a market cap of $28.14 billion, a price-to-earnings ratio of -88.09 and a beta of 2.39. The business’s fifty day moving average price is $13.14 and its 200 day moving average price is $14.64.

Rocket Companies Cuts Dividend

The business also recently announced a dividend, which will be paid on Thursday, April 3rd. Shareholders 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 payout ratio is presently 801.25%.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies in the fourth quarter valued at approximately $47,000. KBC Group NV lifted its position in shares of Rocket Companies by 58.1% in 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 during the period. Sterling Capital Management LLC lifted its position in shares of Rocket Companies by 57.2% in the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after purchasing an additional 3,019 shares during the period. Caisse Des Depots ET Consignations bought a new stake in shares of Rocket Companies in the 4th quarter valued at $99,000. Finally, Garner Asset Management Corp acquired a new stake in shares of Rocket Companies during the fourth quarter worth $118,000. Institutional investors and hedge funds 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.