Royal Bank of Canada Cuts Rocket Companies (NYSE:RKT) Price Target to $18.00

Rocket Companies (NYSE:RKT) had its price objective trimmed by Royal Bank of Canada from $20.00 to $18.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a sector perform rating on the stock.

A number of other research firms have also recently commented on RKT. Bank of America raised their price target on Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a report on Monday, August 5th. Barclays lowered their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Finally, Morgan Stanley initiated coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Trading Down 0.4 %

Shares of NYSE:RKT opened at $13.60 on Wednesday. The stock’s 50-day simple moving average is $17.54 and its two-hundred day simple moving average is $16.26. Rocket Companies has a 52-week low of $8.81 and a 52-week high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 13.18 and a current ratio of 15.47. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of -85.00 and a beta of 2.46.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned ($0.01) earnings per share. Rocket Companies’s quarterly revenue was down 46.2% compared to the same quarter last year. Analysts expect that Rocket Companies will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently bought and sold shares of RKT. State Street Corp increased its stake in Rocket Companies by 44.7% in 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 during the period. Marshall Wace LLP bought a new stake in Rocket Companies during the 2nd quarter valued at about $10,811,000. Renaissance Technologies LLC boosted its position 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 buying an additional 510,400 shares during the period. Boston Partners grew its stake in Rocket Companies by 4.2% in the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Finally, Philip James Wealth Mangement LLC purchased a new position in shares of Rocket Companies during the third quarter worth approximately $6,811,000. Hedge funds and other institutional investors 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.