Rocket Companies (NYSE:RKT) Shares Gap Down – What’s Next?

Shares of Rocket Companies, Inc. (NYSE:RKT) gapped down before the market opened on Monday . The stock had previously closed at $12.04, but opened at $11.64. Rocket Companies shares last traded at $11.47, with a volume of 844,903 shares.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Wednesday, April 2nd. JPMorgan Chase & Co. cut their target price 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. Keefe, Bruyette & Woods upped their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a research note on Tuesday, April 8th. Wedbush reaffirmed an “outperform” rating and set a $13.00 price target on shares of Rocket Companies in a research report on Wednesday, April 16th. Finally, The Goldman Sachs Group lowered 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. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.38.

Rocket Companies Stock Performance

The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock’s fifty day moving average is $13.48 and its two-hundred day moving average is $13.64. The firm has a market capitalization of $22.90 billion, a price-to-earnings ratio of -71.69 and a beta of 2.35.

Rocket Companies Cuts Dividend

The company also recently announced a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were paid a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is currently 801.25%.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently bought and sold shares of RKT. Kingswood Wealth Advisors LLC bought a new position in shares of Rocket Companies during the 1st quarter worth approximately $2,676,000. Exchange Traded Concepts LLC bought a new position in Rocket Companies during the first quarter worth $214,000. Missouri Trust & Investment Co increased its holdings in shares of Rocket Companies by 8.2% in the first quarter. Missouri Trust & Investment Co now owns 93,395 shares of the company’s stock valued at $1,127,000 after purchasing an additional 7,100 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Rocket Companies by 82.4% in the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock valued at $47,000 after purchasing an additional 1,764 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Rocket Companies during the 1st quarter worth about $583,000. 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.