Rocket Companies (NYSE:RKT) Trading 7.9% Higher – What’s Next?

Rocket Companies, Inc. (NYSE:RKT)’s share price shot up 7.9% during mid-day trading on Wednesday . The company traded as high as $14.13 and last traded at $14.22. 7,891,400 shares changed 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.

Analysts Set New Price Targets

RKT has been the topic of a number of research analyst reports. Bank of America lifted their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Morgan Stanley lowered their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Keefe, Bruyette & Woods raised their price objective on Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a report on Monday, March 3rd. JPMorgan Chase & Co. decreased their target price on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Finally, Royal Bank of Canada dropped their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 13th. Four 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Performance

The company has a 50-day moving average of $12.49 and a 200-day moving average of $14.86. The firm has a market capitalization of $28.52 billion, a price-to-earnings ratio of -89.28 and a beta of 2.39. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

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 dividend of $0.80 per share. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio is currently 801.25%.

Institutional Trading of Rocket Companies

A number of large investors have recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Rocket Companies in the fourth quarter valued at approximately $47,000. KBC Group NV grew its holdings in 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 buying an additional 2,226 shares in the last quarter. Sterling Capital Management LLC increased 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 acquiring an additional 3,019 shares during the period. Caisse Des Depots ET Consignations bought a new stake in Rocket Companies during the 4th quarter valued at $99,000. Finally, Garner Asset Management Corp acquired a new position in Rocket Companies during the 4th quarter worth $118,000. 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.