Rocket Companies (NYSE:RKT) Shares Up 11.5% – Time to Buy?

Shares of Rocket Companies, Inc. (NYSE:RKT) rose 11.5% during mid-day trading on Wednesday . The company traded as high as $13.93 and last traded at $14.05. Approximately 3,801,815 shares traded hands during trading, a decline of 0% from the average daily volume of 3,809,218 shares. The stock had previously closed at $12.60.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RKT shares. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on 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 reiterated a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Wednesday. Finally, Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating and set a $14.00 target price on the stock in a report on Wednesday. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Rocket Companies currently has an average rating of “Hold” and an average target price of $14.08.

Rocket Companies Price Performance

The business has a fifty day moving average price of $13.35 and a 200-day moving average price of $14.27. The stock has a market capitalization of $28.81 billion, a PE ratio of -90.21 and a beta of 2.39. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies Cuts Dividend

The firm also recently declared a dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently 801.25%.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in RKT. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies in the fourth quarter worth $47,000. KBC Group NV lifted its stake in shares of Rocket Companies by 58.1% in the 4th 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 last quarter. Sterling Capital Management LLC boosted its holdings in 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 acquiring an additional 3,019 shares during the period. Caisse Des Depots ET Consignations bought a new position in Rocket Companies during the 4th quarter worth approximately $99,000. Finally, Garner Asset Management Corp purchased a new position in Rocket Companies in the 4th quarter worth approximately $118,000. Institutional investors 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.