Rocket Companies (NYSE:RKT) Shares Gap Up - Still a Buy?

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $12.83, but opened at $14.11. Rocket Companies shares last traded at $13.96, with a volume of 907,190 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RKT. Morgan Stanley lowered their price target on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group dropped their price target on shares of Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a report on Tuesday, January 14th. Bank of America boosted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an "underperform" rating in a report on Thursday, November 14th. Finally, Piper Sandler cut their target price on Rocket Companies from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Thursday, November 14th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $13.83.

Rocket Companies Trading Down 4.2 %

The firm has a market capitalization of $26.88 billion, a P/E ratio of -84.21 and a beta of 2.43. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a 50 day moving average price of $12.16 and a two-hundred day moving average price of $15.05.

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Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Investment Advisers boosted its position in shares of Rocket Companies by 2.9% in the 4th quarter. Cetera Investment Advisers now owns 33,035 shares of the company's stock valued at $372,000 after purchasing an additional 936 shares during the period. Vident Advisory LLC boosted its position in shares of Rocket Companies by 3.6% in the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company's stock valued at $347,000 after purchasing an additional 1,078 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Rocket Companies in the 3rd quarter valued at $39,000. KBC Group NV boosted 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 valued at $68,000 after purchasing an additional 2,226 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Rocket Companies by 9.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company's stock valued at $313,000 after purchasing an additional 2,437 shares during the period. 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.