Rocket Companies (NYSE:RKT) Shares Down 3.7%

Rocket Companies, Inc. (NYSE:RKT) traded down 3.7% during mid-day trading on Thursday . The company traded as low as $18.34 and last traded at $18.36. 593,931 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,652,808 shares. The stock had previously closed at $19.06.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Barclays lifted their price target on Rocket Companies from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada lifted their price target on Rocket Companies from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.31.

Rocket Companies Stock Down 3.3 %

The business has a 50-day simple moving average of $15.10 and a two-hundred day simple moving average of $13.64. The company has a market cap of $36.65 billion, a price-to-earnings ratio of 173.27 and a beta of 2.43. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Rocket Companies, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Rocket Companies by 10.4% in the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after acquiring an additional 1,101,325 shares in the last quarter. Boston Partners raised its holdings in Rocket Companies by 4.2% in the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Capital World Investors raised its holdings in Rocket Companies by 0.3% in the 4th quarter. Capital World Investors now owns 3,642,099 shares of the company’s stock valued at $52,738,000 after acquiring an additional 10,068 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Rocket Companies in the 2nd quarter valued at approximately $10,811,000. 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.