Rocket Companies (NYSE:RKT) Stock Price Down 2.6% – Here’s What Happened

Rocket Companies, Inc. (NYSE:RKT)’s share price traded down 2.6% on Monday . The company traded as low as $13.71 and last traded at $13.74. 513,676 shares were traded during mid-day trading, a decline of 85% from the average session volume of 3,396,254 shares. The stock had previously closed at $14.11.

Analyst Upgrades and Downgrades

RKT has been the topic of several recent analyst reports. The Goldman Sachs Group lowered their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Wedbush reissued a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced 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. Keefe, Bruyette & Woods lifted their price target on shares of Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a research note on Monday, March 3rd. Finally, Morgan Stanley reduced their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Performance

The company has a market cap of $26.75 billion, a PE ratio of -83.75 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 firm’s 50 day moving average is $13.25 and its 200-day moving average is $14.49.

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 given a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently 801.25%.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Itau Unibanco Holding S.A. purchased a new position in shares of Rocket Companies during the 4th quarter worth $47,000. KBC Group NV increased 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 last quarter. Sterling Capital Management LLC raised 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 purchasing an additional 3,019 shares during the period. Caisse Des Depots ET Consignations acquired a new position in Rocket Companies in the 4th quarter valued at about $99,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $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.