Rocket Companies (NYSE:RKT) Shares Up 7.9% – Time to Buy?

Rocket Companies, Inc. (NYSE:RKT)’s share price traded up 7.9% during trading on Wednesday . The stock traded as high as $14.13 and last traded at $14.22. 7,891,400 shares traded hands during mid-day trading, an increase of 142% from the average session volume of 3,261,172 shares. The stock had previously closed at $13.18.

Wall Street Analyst Weigh In

RKT has been the topic of several research reports. Royal Bank of Canada dropped their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler cut their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. 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 research report on Tuesday, January 7th. Bank of America boosted their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Finally, Barclays decreased their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Stock Performance

The stock has a fifty day simple moving average of $12.49 and a 200-day simple moving average of $14.86. 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 has a market capitalization of $28.52 billion, a P/E ratio of -89.28 and a beta of 2.39.

Rocket Companies Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Investors 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 Trading of Rocket Companies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new position in shares of Rocket Companies in the 4th quarter valued at about $47,000. KBC Group NV lifted its position in Rocket Companies by 58.1% in the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares in the last quarter. Sterling Capital Management LLC raised its position in Rocket Companies by 57.2% in 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 during the last quarter. Caisse Des Depots ET Consignations bought a new stake in shares of Rocket Companies in the fourth quarter worth $99,000. Finally, Garner Asset Management Corp bought a new stake in Rocket Companies during the 4th quarter worth about $118,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.