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

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RKT. The Goldman Sachs Group cut their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and lowered their target price for the company from $12.50 to $11.50 in a research note on Friday, January 10th. 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 reissued a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. Finally, Keefe, Bruyette & Woods lifted their target price on Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a report on Monday, March 3rd. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Up 0.2 %

The stock has a market cap of $28.23 billion, a PE ratio of -88.38 and a beta of 2.39. The business has a 50-day moving average price of $13.14 and a 200-day moving average price of $14.57. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be issued a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s payout ratio is 801.25%.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently added to or reduced their stakes in RKT. Wellington Management Group LLP increased its stake in shares of Rocket Companies by 174.5% in the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after acquiring an additional 2,990,837 shares during the last quarter. Boston Partners boosted its holdings in Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after purchasing an additional 2,829,292 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after buying an additional 2,804,090 shares during the period. State Street Corp increased its holdings in shares of Rocket Companies by 44.7% during the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Rocket Companies during the 4th quarter valued at approximately $14,113,000. 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.