Rocket Companies (NYSE:RKT) Shares Gap Down – Here’s What Happened

Rocket Companies, Inc. (NYSE:RKT) shares gapped down prior to trading on Monday . The stock had previously closed at $13.03, but opened at $12.24. Rocket Companies shares last traded at $12.04, with a volume of 5,696,426 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group lowered their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price target for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research note on Wednesday, March 5th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Price Performance

The business has a fifty day simple moving average of $13.33 and a 200-day simple moving average of $14.37. The stock has a market capitalization of $23.38 billion, a P/E ratio of -73.41 and a beta of 2.39. 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 declared 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 of this dividend is Thursday, March 20th. Rocket Companies’s payout ratio is 801.25%.

Hedge Funds Weigh In On Rocket Companies

Institutional investors have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies in the 4th quarter valued at about $47,000. KBC Group NV grew its stake 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 acquiring an additional 2,226 shares during the period. Sterling Capital Management LLC increased its holdings 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 in the last quarter. Caisse Des Depots ET Consignations acquired a new position in shares of Rocket Companies during the fourth quarter worth approximately $99,000. Finally, Garner Asset Management Corp bought a new position in shares of Rocket Companies in the 4th quarter worth $118,000. Institutional investors and hedge funds 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.