The Goldman Sachs Group Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price cut by equities research analysts at The Goldman Sachs Group from $16.00 to $14.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 27.62% from the company’s current price.

A number of other research firms have also recently weighed in on RKT. Barclays cut their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. Royal Bank of Canada decreased their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Morgan Stanley reduced their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. JPMorgan Chase & Co. lowered their target price on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a research note on Monday, December 9th. Finally, Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.85.

Rocket Companies Trading Up 1.4 %

RKT stock opened at $10.97 on Tuesday. The business has a fifty day simple moving average of $13.42 and a 200-day simple moving average of $15.93. The company has a market cap of $21.88 billion, a price-to-earnings ratio of -68.56 and a beta of 2.42. 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 has a 52 week low of $10.67 and a 52 week high of $21.38.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business’s revenue was down 46.2% on a year-over-year basis. During the same period last year, the business earned ($0.01) EPS. On average, equities research analysts expect that Rocket Companies will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in shares of Rocket Companies during the 3rd quarter valued at approximately $39,000. Quarry LP grew its stake in shares of Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after buying an additional 3,899 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Rocket Companies during the third quarter worth $120,000. Blue Trust Inc. increased its holdings in shares of Rocket Companies by 54.1% during the third quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock worth $124,000 after buying an additional 2,261 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Rocket Companies by 3,429.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after acquiring an additional 7,168 shares during the last quarter. 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.