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

Rocket Companies, Inc. (NYSE:RKT) gapped down before the market opened on Monday . The stock had previously closed at $15.77, but opened at $13.74. Rocket Companies shares last traded at $13.72, with a volume of 9,826,182 shares.

Wall Street Analysts Forecast Growth

RKT has been the topic of several analyst reports. Wedbush restated a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a research report on Wednesday, March 5th. Royal Bank of Canada decreased their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. The Goldman Sachs Group cut 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 note on Tuesday, January 7th. Morgan Stanley decreased their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Finally, Bank of America raised their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Stock Down 1.5 %

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 stock’s fifty day simple moving average is $12.49 and its two-hundred day simple moving average is $14.86. The company has a market capitalization of $26.26 billion, a price-to-earnings ratio of -82.22 and a beta of 2.39.

Rocket Companies Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RKT. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock worth $140,976,000 after acquiring an additional 431,054 shares in the last quarter. Boston Partners boosted its position in shares of 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 period. JPMorgan Chase & Co. boosted its position in shares of Rocket Companies by 2.2% in the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock valued at $91,904,000 after purchasing an additional 174,978 shares during the period. Nuveen Asset Management LLC increased its stake in Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after purchasing an additional 2,804,090 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after buying an additional 2,990,837 shares during the period. Institutional investors and hedge funds 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.