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

Rocket Companies, Inc. (NYSE:RKT)’s stock price dropped 2.6% during trading on Monday . The company traded as low as $13.71 and last traded at $13.74. Approximately 513,676 shares changed hands during trading, a decline of 85% from the average daily volume of 3,396,254 shares. The stock had previously closed at $14.11.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RKT. The Goldman Sachs Group dropped their price objective on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. Morgan Stanley reduced their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Finally, UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and reduced their price target for the company 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 assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Stock Performance

The stock has a market capitalization of $28.23 billion, a PE ratio of -88.38 and a beta of 2.39. The business’s 50 day moving average is $13.14 and its 200 day moving average is $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 firm also recently announced a dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th will be given a dividend of $0.80 per share. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently 801.25%.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cetera Investment Advisers lifted its position in shares of Rocket Companies by 2.9% during the fourth quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock worth $372,000 after purchasing an additional 936 shares during the last quarter. Vident Advisory LLC raised its stake in shares of Rocket Companies by 3.6% during the fourth quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock valued at $347,000 after acquiring an additional 1,078 shares in the last quarter. KBC Group NV boosted its holdings in shares of Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after purchasing an additional 2,226 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Rocket Companies by 9.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company’s stock worth $313,000 after purchasing an additional 2,437 shares during the period. Finally, Lakeshore Financial Planning Inc. raised its position in Rocket Companies by 21.7% during the 4th quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company’s stock valued at $158,000 after purchasing an additional 2,500 shares in the last quarter. 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.