Rocket Companies (NYSE:RKT) Trading Up 11.5% - Here's What Happened

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) shot up 11.5% on Wednesday . The stock traded as high as $13.93 and last traded at $14.05. 3,801,815 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 3,809,218 shares. The stock had previously closed at $12.60.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RKT shares. The Goldman Sachs Group lowered their target price on shares of Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an "underperform" rating to a "market perform" rating and raised their price objective for the company from $12.00 to $14.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price for the company in a research report on Wednesday. Royal Bank of Canada restated a "sector perform" rating and set a $18.00 price target on shares of Rocket Companies in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their price objective on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Rocket Companies has an average rating of "Hold" and a consensus target price of $14.08.

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Rocket Companies Stock Performance

The company has a market cap of $30.70 billion, a P/E ratio of -96.13 and a beta of 2.39. The business has a 50 day moving average price of $13.49 and a two-hundred day moving average price of $14.23. 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 business also recently disclosed a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were given a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies's payout ratio is currently 801.25%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies during the 4th quarter valued at $47,000. KBC Group NV raised its stake in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company's stock valued at $68,000 after acquiring an additional 2,226 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Rocket Companies by 57.2% during the fourth 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 last quarter. Caisse Des Depots ET Consignations purchased a new stake in shares of Rocket Companies during the fourth quarter worth about $99,000. Finally, Garner Asset Management Corp bought a new stake in shares of Rocket Companies in the fourth quarter worth about $118,000. 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.