Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus rating of “Reduce” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $13.92.

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $11.50 target price (down from $16.00) on shares of Rocket Companies in a report on Tuesday, December 10th. Barclays dropped their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley decreased their target price 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. Piper Sandler dropped their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Bank of America boosted their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th.

Rocket Companies Stock Down 0.9 %

Shares of RKT stock opened at $11.10 on Monday. The company’s fifty day simple moving average is $14.07 and its two-hundred day simple moving average is $16.05. Rocket Companies has a 52 week low of $10.87 and a 52 week high of $21.38. The stock has a market cap of $22.14 billion, a P/E ratio of -69.38 and a beta of 2.38. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) earnings per share. Analysts predict that Rocket Companies will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Raymond James & Associates increased its stake in Rocket Companies by 48.7% in the third quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after purchasing an additional 98,397 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Rocket Companies by 324.4% in the third quarter. Victory Capital Management Inc. now owns 67,161 shares of the company’s stock worth $1,289,000 after purchasing an additional 51,336 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Rocket Companies in the 3rd quarter worth about $1,071,000. XTX Topco Ltd bought a new stake in Rocket Companies during the 3rd quarter valued at about $1,486,000. Finally, Entropy Technologies LP purchased a new stake in Rocket Companies in the 3rd quarter valued at about $875,000. 4.59% of the stock is owned by 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.