Rocket Companies (NYSE:RKT) Shares Up 5.4% – Still a Buy?

Rocket Companies, Inc. (NYSE:RKT)’s stock price shot up 5.4% during trading on Thursday . The company traded as high as $14.63 and last traded at $14.87. 637,577 shares traded 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

A number of equities research analysts have commented on RKT shares. Morgan Stanley reduced their price objective on 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. 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 research note on Tuesday, January 14th. Wedbush restated a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a report on Monday, March 3rd. Finally, UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price target for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Trading Up 4.0 %

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 has a market cap of $29.27 billion, a P/E ratio of -91.59 and a beta of 2.39. The firm has a 50 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 disclosed a dividend, which will be paid on Thursday, April 3rd. Investors 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 dividend payout ratio (DPR) is 801.25%.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently bought and sold shares of RKT. Jones Financial Companies Lllp lifted its holdings in shares of Rocket Companies by 131.7% during the 4th quarter. Jones Financial Companies Lllp now owns 36,427 shares of the company’s stock worth $410,000 after acquiring an additional 20,706 shares during the last quarter. Victory Capital Management Inc. raised its position in Rocket Companies by 324.4% during the third quarter. Victory Capital Management Inc. now owns 67,161 shares of the company’s stock valued at $1,289,000 after purchasing an additional 51,336 shares in the last quarter. XTX Topco Ltd bought a new stake in Rocket Companies during the third quarter worth about $1,486,000. Quadrature Capital Ltd purchased a new position in shares of Rocket Companies in the 3rd quarter worth about $1,071,000. Finally, Bruni J V & Co. Co. boosted its holdings in shares of Rocket Companies by 21.2% in the 4th quarter. Bruni J V & Co. Co. now owns 1,860,060 shares of the company’s stock worth $20,944,000 after purchasing an additional 324,976 shares in the last quarter. Hedge funds and other 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.