Rocket Companies (NYSE:RKT) Shares Gap Up – Should You Buy?

Rocket Companies, Inc. (NYSE:RKT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $12.83, but opened at $14.11. Rocket Companies shares last traded at $13.96, with a volume of 907,190 shares.

Analyst Ratings Changes

A number of research analysts have recently commented on RKT shares. Wedbush reaffirmed a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Barclays dropped their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lowered 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. Finally, Morgan Stanley lowered 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. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.50.

Rocket Companies Trading Up 9.4 %

The firm’s 50-day simple moving average is $12.02 and its 200-day simple moving average is $15.19. The firm has a market capitalization of $28.00 billion, a PE ratio of -87.72 and a beta of 2.43. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Rocket Companies by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock worth $140,976,000 after purchasing an additional 431,054 shares during the last quarter. Boston Partners boosted its position in Rocket Companies by 29.8% during the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after buying an additional 2,829,292 shares during the period. JPMorgan Chase & Co. grew its holdings in Rocket Companies by 2.2% in the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock worth $91,904,000 after acquiring an additional 174,978 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after acquiring an additional 2,804,090 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Rocket Companies by 174.5% in the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after acquiring an additional 2,990,837 shares during the period. 4.59% of the stock is currently owned by institutional investors.

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.