Rocket Companies (NYSE:RKT) Shares Gap Up – Here’s What Happened

Shares of Rocket Companies, Inc. (NYSE:RKT) gapped up prior to trading on Friday . The stock had previously closed at $12.83, but opened at $14.11. Rocket Companies shares last traded at $13.96, with a volume of 907,190 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RKT. Keefe, Bruyette & Woods decreased their target price on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Piper Sandler decreased their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Morgan Stanley dropped their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Barclays dropped their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.50.

Rocket Companies Stock Performance

The stock has a market cap of $28.00 billion, a price-to-earnings ratio of -87.72 and a beta of 2.43. The company’s fifty day simple moving average is $12.02 and its two-hundred day simple moving average is $15.19. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently added to or reduced their stakes in RKT. Raymond James & Associates lifted its holdings in shares of Rocket Companies by 48.7% in the third quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock valued at $5,769,000 after purchasing an additional 98,397 shares in the last quarter. Private Advisor Group LLC raised its position in Rocket Companies by 26.8% in the 3rd quarter. Private Advisor Group LLC now owns 14,798 shares of the company’s stock valued at $284,000 after buying an additional 3,129 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Rocket Companies by 3,429.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after acquiring an additional 7,168 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Rocket Companies by 14.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 22,566 shares of the company’s stock worth $433,000 after acquiring an additional 2,766 shares during the last quarter. Finally, SteelPeak Wealth LLC bought a new stake in shares of Rocket Companies in the 3rd quarter worth $567,000. 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.