Rocket Companies (NYSE:RKT) Price Target Cut to $13.00 by Analysts at UBS Group

Rocket Companies (NYSE:RKT - Free Report) had its target price lowered by UBS Group from $14.00 to $13.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

RKT has been the subject of several other research reports. Wedbush reissued a "neutral" rating and set a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. Barclays raised shares of Rocket Companies from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $10.00 to $14.00 in a research note on Tuesday, April 8th. Morgan Stanley lowered their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group reduced their target price 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. Finally, Deutsche Bank Aktiengesellschaft raised Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective on the stock in a report on Wednesday, April 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $14.38.

Rocket Companies Price Performance

NYSE:RKT traded down $0.17 during trading hours on Wednesday, hitting $12.08. The stock had a trading volume of 6,654,375 shares, compared to its average volume of 4,555,214. The company has a 50 day simple moving average of $13.48 and a two-hundred day simple moving average of $13.71. The firm has a market capitalization of $24.11 billion, a price-to-earnings ratio of -75.49 and a beta of 2.35. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a one year low of $10.06 and a one year high of $21.38.

Rocket Companies Cuts Dividend

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

Hedge Funds Weigh In On Rocket Companies

Large investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in shares of Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after buying an additional 2,221 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Rocket Companies during the fourth quarter valued at approximately $47,000. GAMMA Investing LLC boosted its holdings in Rocket Companies by 82.4% in the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock worth $47,000 after purchasing an additional 1,764 shares during the last quarter. KBC Group NV grew its position in Rocket Companies by 58.1% in the 4th quarter. KBC Group NV now owns 6,056 shares of the company's stock worth $68,000 after purchasing an additional 2,226 shares during the period. Finally, Sterling Capital Management LLC lifted its holdings in shares of Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company's stock valued at $93,000 after buying an additional 3,019 shares during the period. Hedge funds and other institutional investors 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.