Rocket Companies (NYSE:RKT) Shares Up 5.4% – Time to Buy?

Shares of Rocket Companies, Inc. (NYSE:RKT) shot up 5.4% during mid-day trading on Thursday . The company traded as high as $14.63 and last traded at $14.87. 637,577 shares changed hands 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

Several brokerages recently issued reports on RKT. Morgan Stanley cut their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note 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 for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price target on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. Wedbush reaffirmed a “neutral” rating and set a $13.00 price target on shares of Rocket Companies in a report on Wednesday, March 5th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a report on Monday, March 3rd. Four equities research 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 currently has an average rating of “Hold” and an average target price of $13.83.

Rocket Companies Stock Down 1.7 %

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 firm has a market cap of $28.14 billion, a price-to-earnings ratio of -88.09 and a beta of 2.39. The firm’s 50 day simple moving average is $13.14 and its two-hundred day simple moving average is $14.64.

Rocket Companies Cuts Dividend

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

Institutional Investors Weigh In On Rocket Companies

Large investors have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. bought a new stake in shares of Rocket Companies during the 4th quarter valued at $47,000. KBC Group NV lifted its position in Rocket Companies by 58.1% during the fourth 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. Sterling Capital Management LLC grew its stake in Rocket Companies by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after buying an additional 3,019 shares in the last quarter. Caisse Des Depots ET Consignations bought a new position in Rocket Companies in the 4th quarter valued at about $99,000. Finally, Garner Asset Management Corp bought a new position in Rocket Companies in the 4th quarter valued at about $118,000. Institutional investors and hedge funds 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.