Rocket Companies (NYSE:RKT) Stock Price Down 2.6% – Time to Sell?

Rocket Companies, Inc. (NYSE:RKT) dropped 2.6% on Monday . The company traded as low as $13.71 and last traded at $13.74. Approximately 513,676 shares were traded during mid-day 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 Analyst Weigh In

Several research firms recently issued reports on RKT. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Morgan Stanley reduced their price target 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 price objective 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. The Goldman Sachs Group reduced their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Finally, Wedbush restated a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a research note on Wednesday, March 5th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.83.

Rocket Companies Price Performance

The stock has a fifty day simple moving average of $13.25 and a 200-day simple moving average of $14.49. The company has a market capitalization of $26.75 billion, a PE ratio of -83.75 and a beta of 2.39. 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 declared a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be issued a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is 801.25%.

Institutional Trading of Rocket Companies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of Rocket Companies by 174.5% in the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after buying an additional 2,990,837 shares during the last quarter. Boston Partners boosted its stake in Rocket Companies by 29.8% in the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after acquiring an additional 2,829,292 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of 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 purchasing an additional 2,804,090 shares during the last quarter. State Street Corp increased its position in shares of Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Rocket Companies in the 4th quarter valued at about $14,113,000. 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.