Rocket Companies (NYSE:RKT) Shares Up 7.4% - Here's Why

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) was up 7.4% during trading on Thursday . The company traded as high as $13.26 and last traded at $13.40. Approximately 7,296,073 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 5,825,990 shares. The stock had previously closed at $12.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Rocket Companies from $15.00 to $13.00 and set a "market perform" rating for the company in a research report on Monday, May 12th. UBS Group upped their target price on Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target on the stock in a research note on Wednesday, April 2nd. Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $10.00 to $14.00 in a research note on Tuesday, April 8th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $14.21.

Rocket Companies Trading Down 1.0%

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 stock has a market capitalization of $25.35 billion, a price-to-earnings ratio of -79.22 and a beta of 2.28. The company has a fifty day moving average of $12.65 and a two-hundred day moving average of $12.76.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.26 billion. During the same quarter last year, the business earned $0.04 EPS. The business's revenue was down 10.8% on a year-over-year basis. On average, research analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Rocket Companies Cuts Dividend

The firm 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 presently -4,273.33%.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently modified their holdings of RKT. Boston Partners grew its holdings in Rocket Companies by 11.3% during the first quarter. Boston Partners now owns 13,704,339 shares of the company's stock worth $165,421,000 after acquiring an additional 1,390,559 shares during the period. Vanguard Group Inc. increased its holdings in shares of Rocket Companies by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company's stock valued at $154,418,000 after purchasing an additional 273,475 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Rocket Companies by 2.2% in the fourth 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 boosted its holdings in Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock worth $91,455,000 after buying an additional 2,804,090 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Rocket Companies during the first quarter worth about $96,470,000. 4.59% of the stock is owned by hedge funds and other 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.