Rocket Companies (NYSE:RKT) Stock Price Up 8.5% – Here’s What Happened

Shares of Rocket Companies, Inc. (NYSE:RKT) were up 8.5% during mid-day trading on Monday . The stock traded as high as $12.92 and last traded at $12.91. Approximately 6,579,476 shares were traded during mid-day trading, an increase of 47% from the average daily volume of 4,477,197 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RKT shares. Wedbush reissued a “neutral” rating and set a $13.00 price target on shares of Rocket Companies in a report on Wednesday, March 5th. Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. The Goldman Sachs Group reduced their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods raised 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. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average price target of $14.25.

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 firm has a 50 day moving average of $13.52 and a 200-day moving average of $13.81. The company has a market cap of $24.92 billion, a P/E ratio of -77.66 and a beta of 2.35.

Rocket Companies Cuts Dividend

The firm also recently disclosed 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 801.25%.

Institutional Investors Weigh In On Rocket Companies

Institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in shares of Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after buying an additional 2,221 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock worth $47,000 after purchasing an additional 1,764 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Rocket Companies in the 4th quarter worth $47,000. KBC Group NV grew its stake in Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after buying an additional 2,226 shares during the last quarter. Finally, Sterling Capital Management LLC raised its stake in Rocket Companies by 57.2% in the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after buying an additional 3,019 shares during the last quarter. Institutional investors 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.