Rocket Companies (NYSE:RKT) Trading 11.5% Higher - Still a Buy?

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

Analyst Ratings Changes

Several brokerages have recently weighed in on RKT. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target for the company in a research report on Wednesday, April 2nd. The Goldman Sachs Group dropped their target price on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. UBS Group upgraded 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 note on Friday, January 10th. JPMorgan Chase & Co. cut their target price on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a research note on Tuesday, January 14th. Finally, Wedbush reissued a "neutral" rating and set a $13.00 price target on shares of Rocket Companies in a research report on Wednesday, March 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.08.

Rocket Companies Stock Down 8.6 %

The firm has a market capitalization of $28.09 billion, a price-to-earnings ratio of -87.78 and a beta of 2.35. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company's 50 day moving average price is $13.49 and its 200 day moving average price is $14.14.

Rocket Companies Cuts Dividend

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

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of RKT. Cetera Investment Advisers lifted its stake in Rocket Companies by 2.9% during the 4th quarter. Cetera Investment Advisers now owns 33,035 shares of the company's stock valued at $372,000 after acquiring an additional 936 shares during the period. Vident Advisory LLC lifted its position in Rocket Companies by 3.6% during the fourth 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. KBC Group NV boosted its holdings in Rocket Companies by 58.1% in the fourth 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 last quarter. The Manufacturers Life Insurance Company grew its position in Rocket Companies by 9.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company's stock worth $313,000 after purchasing an additional 2,437 shares during the period. Finally, Lakeshore Financial Planning Inc. grew its position in Rocket Companies by 21.7% during the 4th quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company's stock worth $158,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

About Rocket Companies

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.