Rocket Companies (NYSE:RKT) Trading Down 5.3% – Should You Sell?

Rocket Companies, Inc. (NYSE:RKT)’s share price traded down 5.3% during mid-day trading on Tuesday . The company traded as low as $14.23 and last traded at $13.89. 1,170,047 shares were traded during mid-day trading, a decline of 72% from the average session volume of 4,184,825 shares. The stock had previously closed at $14.66.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RKT. The Goldman Sachs Group reduced their price target 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. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a report on Tuesday. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and cut their price target for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Finally, Wedbush reissued a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Companies has a consensus rating of “Hold” and a consensus price target of $14.25.

Rocket Companies Stock Performance

The company has a market capitalization of $23.66 billion, a PE ratio of -74.09 and a beta of 2.35. The stock’s fifty day simple moving average is $13.54 and its 200-day simple moving average is $13.95. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s payout ratio is 801.25%.

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently bought and sold shares of RKT. Wellington Management Group LLP increased its stake 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 acquiring an additional 2,990,837 shares during the last quarter. Boston Partners grew its holdings in Rocket Companies by 29.8% in the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after purchasing an additional 2,829,292 shares during the period. Nuveen Asset Management LLC grew its holdings in Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after purchasing an additional 2,804,090 shares during the period. State Street Corp increased its position in Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Rocket Companies during the fourth quarter worth approximately $14,113,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.