Rocket Companies (NYSE:RKT) Shares Gap Down - Here's What Happened

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $13.03, but opened at $12.24. Rocket Companies shares last traded at $12.04, with a volume of 5,696,426 shares.

Wall Street Analysts Forecast Growth

RKT has been the subject of several recent research reports. Keefe, Bruyette & Woods upgraded Rocket Companies from an "underperform" rating to a "market perform" rating and lifted their price target for the company from $12.00 to $14.00 in a research report on Wednesday. The Goldman Sachs Group cut their target price on shares of Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada reissued a "sector perform" rating and set a $18.00 price target on shares of Rocket Companies in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target on the stock in a research report on Wednesday. Finally, UBS Group upgraded shares of Rocket Companies from a "sell" rating to a "neutral" rating and decreased their price objective for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $14.08.

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Rocket Companies Stock Up 9.6 %

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 business has a fifty day simple moving average of $13.39 and a 200 day simple moving average of $14.27. The firm has a market cap of $27.57 billion, a price-to-earnings ratio of -86.31 and a beta of 2.39.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Shareholders 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 payout ratio is currently 801.25%.

Hedge Funds Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in 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 in the last quarter. Boston Partners grew its position in shares of 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 in the last quarter. Nuveen Asset Management LLC lifted its position in Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock worth $91,455,000 after buying an additional 2,804,090 shares in the last quarter. State Street Corp boosted its stake 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 buying an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Rocket Companies in the 4th quarter valued at $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.