Rocket Companies (NYSE:RKT) Shares Down 3.6% - Here's What Happened

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) fell 3.6% during trading on Friday . The company traded as low as $12.41 and last traded at $12.33. 2,724,266 shares traded hands during trading, a decline of 66% from the average session volume of 8,106,365 shares. The stock had previously closed at $12.78.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays raised shares of Rocket Companies from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $10.00 to $14.00 in a research report on Tuesday, April 8th. Wedbush reissued an "outperform" rating and set a $13.00 price target on shares of Rocket Companies in a report on Wednesday, April 16th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 target price on shares of Rocket Companies in a report on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective on the stock in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a research note on Tuesday, January 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.38.

Rocket Companies Trading Up 2.0 %

The company has a market capitalization of $23.65 billion, a P/E ratio of -74.06 and a beta of 2.33. The business has a 50 day moving average price of $13.29 and a 200 day moving average price of $13.21. 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 was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies's dividend payout ratio is 801.25%.

Institutional Trading of Rocket Companies

A number of institutional investors have recently bought and sold shares of RKT. AXQ Capital LP increased its position in Rocket Companies by 125.7% in the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company's stock worth $1,652,000 after buying an additional 81,695 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Rocket Companies by 875.5% during the fourth quarter. Hsbc Holdings PLC now owns 145,485 shares of the company's stock valued at $1,634,000 after acquiring an additional 130,571 shares during the last quarter. Aquatic Capital Management LLC lifted its position in shares of Rocket Companies by 54.5% in the 4th quarter. Aquatic Capital Management LLC now owns 173,754 shares of the company's stock worth $1,956,000 after purchasing an additional 61,265 shares during the period. Vanguard Group Inc. lifted its position in Rocket Companies by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company's stock valued at $140,976,000 after buying an additional 431,054 shares during the period. Finally, Quantbot Technologies LP boosted its stake in Rocket Companies by 76.9% during the fourth quarter. Quantbot Technologies LP now owns 270,761 shares of the company's stock worth $3,049,000 after acquiring an additional 117,728 shares in 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.