Rocket Companies (NYSE:RKT) Shares Gap Down – What’s Next?

Rocket Companies, Inc. (NYSE:RKT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $15.77, but opened at $13.74. Rocket Companies shares last traded at $13.72, with a volume of 9,826,182 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Bank of America raised their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Keefe, Bruyette & Woods lifted their price objective on Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a report on Monday, March 3rd. 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 report on Tuesday, January 14th. Barclays decreased their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their price target for the company from $12.50 to $11.50 in a report on Friday, January 10th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Stock Performance

The stock’s 50-day moving average price is $12.49 and its 200-day moving average price is $14.86. 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 has a market capitalization of $26.26 billion, a P/E ratio of -82.22 and a beta of 2.39.

Rocket Companies Cuts Dividend

The firm also recently announced a dividend, which will be paid on Thursday, April 3rd. Shareholders 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 is currently 801.25%.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors have recently made changes to their positions in RKT. State of New Jersey Common Pension Fund D acquired a new position in Rocket Companies during the 3rd quarter valued at approximately $1,832,000. Los Angeles Capital Management LLC bought a new stake in Rocket Companies in the third quarter valued at $3,655,000. Versor Investments LP acquired a new position in shares of Rocket Companies during the third quarter valued at $223,000. Entropy Technologies LP bought a new position in shares of Rocket Companies during the third quarter worth about $875,000. Finally, Aigen Investment Management LP increased its holdings in shares of Rocket Companies by 38.3% in the 3rd quarter. Aigen Investment Management LP now owns 24,978 shares of the company’s stock worth $479,000 after acquiring an additional 6,922 shares during the period. 4.59% of the stock is owned by institutional investors.

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.