Rocket Companies (NYSE:RKT) Shares Up 8.5% - Time to Buy?

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) rose 8.5% during trading on Monday . The stock traded as high as $12.92 and last traded at $12.91. Approximately 6,579,476 shares were traded during mid-day trading, an increase of 47% from the average daily volume of 4,477,197 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

RKT has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a research note on Tuesday, January 14th. Royal Bank of Canada restated a "sector perform" rating and set a $18.00 target price on shares of Rocket Companies in a report on Tuesday, April 1st. Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $10.00 to $14.00 in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft raised 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, April 2nd. Finally, The Goldman Sachs Group decreased their price objective 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $14.38.

Rocket Companies Price Performance

The stock has a market cap of $24.11 billion, a P/E ratio of -75.49 and a beta of 2.35. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The company's fifty day simple moving average is $13.48 and its 200-day simple moving average is $13.71.

Rocket Companies Cuts Dividend

The firm also recently declared a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were given a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies's dividend payout ratio (DPR) is presently 801.25%.

Institutional Investors Weigh In On Rocket Companies

Several large investors have recently modified their holdings of RKT. Wellington Management Group LLP grew its position in Rocket Companies by 174.5% in the fourth 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 during the period. Boston Partners lifted its holdings in 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. Nuveen Asset Management LLC boosted 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 valued at $91,455,000 after buying an additional 2,804,090 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Rocket Companies during the fourth quarter worth about $14,113,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Rocket Companies in the fourth quarter valued at approximately $11,037,000. 4.59% of the stock is currently owned by institutional investors.

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.