Rocket Companies (NYSE:RKT) Stock Price Up 5.4% – Here’s Why

Shares of Rocket Companies, Inc. (NYSE:RKT) traded up 5.4% on Thursday . The stock traded as high as $14.63 and last traded at $14.87. 637,577 shares were traded during mid-day trading, a decline of 81% from the average session volume of 3,375,141 shares. The stock had previously closed at $14.10.

Analyst Ratings Changes

A number of research firms have recently weighed in on RKT. The Goldman Sachs Group dropped their price objective on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Wedbush reissued a “neutral” rating and set a $13.00 price target on shares of Rocket Companies in a research report on Wednesday, March 5th. Morgan Stanley decreased 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. JPMorgan Chase & Co. decreased their price objective 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. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their target price for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Trading Up 4.0 %

The firm has a market cap of $29.27 billion, a P/E ratio of -91.59 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. The stock has a fifty day simple moving average of $12.98 and a 200 day simple moving average of $14.68.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th will be paid a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio is presently 801.25%.

Institutional Trading of Rocket Companies

Several large investors have recently modified their holdings of the company. Cetera Investment Advisers boosted its position in Rocket Companies by 2.9% in the fourth quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock worth $372,000 after purchasing an additional 936 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Rocket Companies by 3.6% in the fourth quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock worth $347,000 after buying an additional 1,078 shares during the last quarter. KBC Group NV increased its holdings in Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after buying an additional 2,226 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Rocket Companies by 9.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company’s stock worth $313,000 after acquiring an additional 2,437 shares during the period. Finally, Lakeshore Financial Planning Inc. boosted its stake in shares of Rocket Companies by 21.7% during the 4th quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company’s stock worth $158,000 after acquiring an additional 2,500 shares during the last quarter. 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.