Rocket Companies (NYSE:RKT) Shares Gap Up - What's Next?

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $13.16, but opened at $13.44. Rocket Companies shares last traded at $13.19, with a volume of 604,501 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a research report on Tuesday, January 14th. The Goldman Sachs Group decreased their price objective on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating for the company in a research note on Thursday, December 19th. Keefe, Bruyette & Woods raised their target price on shares of Rocket Companies from $10.50 to $12.00 and gave the stock an "underperform" rating in a research note on Monday, March 3rd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price target on shares of Rocket Companies in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to MarketBeat, Rocket Companies currently has a consensus rating of "Hold" and a consensus target price of $13.83.

Remove Ads

Rocket Companies Price Performance

The firm has a market cap of $25.30 billion, a PE ratio of -79.16 and a beta of 2.39. The firm has a fifty day simple moving average of $13.34 and a two-hundred day simple moving average of $14.32. 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 firm also recently announced a dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th will be issued a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies's dividend payout ratio (DPR) is presently 801.25%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Rocket Companies by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company's stock worth $140,976,000 after acquiring an additional 431,054 shares during the last quarter. Boston Partners increased its position in shares of Rocket Companies by 29.8% during the 4th 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 last quarter. JPMorgan Chase & Co. raised its holdings in Rocket Companies by 2.2% during the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company's stock valued at $91,904,000 after buying an additional 174,978 shares during the period. Nuveen Asset Management LLC lifted its position 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 worth $91,455,000 after buying an additional 2,804,090 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock worth $52,980,000 after buying an additional 2,990,837 shares during the period. Institutional investors 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.