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

Rocket Companies, Inc. (NYSE:RKT)’s stock price gapped down prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

RKT has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock a “market perform” rating in a report on Tuesday, April 8th. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Rocket Companies in a research report on Wednesday, April 16th. UBS Group reduced their price objective on Rocket Companies from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $14.38.

Rocket Companies Stock Up 6.7 %

The stock has a market capitalization of $24.59 billion, a price-to-earnings ratio of -77.00 and a beta of 2.35. The firm has a 50 day simple moving average of $13.46 and a 200-day simple moving average of $13.59. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

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 given a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is currently 801.25%.

Institutional Trading of Rocket Companies

Large investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in Rocket Companies by 136.2% during the 3rd quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after acquiring an additional 137,441 shares during the last quarter. Geode Capital Management LLC lifted its position in Rocket Companies by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after buying an additional 12,735 shares in the last quarter. Virtu Financial LLC grew its holdings in Rocket Companies by 22.1% during the 3rd quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock worth $310,000 after acquiring an additional 2,925 shares during the last quarter. Tidal Investments LLC increased its position in Rocket Companies by 804.3% in the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after acquiring an additional 280,847 shares in the last quarter. Finally, Connective Portfolio Management LLC bought a new position in shares of Rocket Companies in the fourth quarter worth about $428,000. 4.59% of the stock is owned by institutional investors.

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.