Rocket Companies (NYSE:RKT) Given New $13.00 Price Target at Morgan Stanley

Rocket Companies (NYSE:RKT) had its price target decreased by equities research analysts at Morgan Stanley from $16.00 to $13.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 12.07% from the stock’s previous close.

RKT has been the topic of a number of other reports. UBS Group cut their target price on Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Thursday, November 14th. Wedbush reissued a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Barclays decreased their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Bank of America upped their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a report on Monday, December 9th. Six analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and an average price target of $13.92.

Rocket Companies Stock Up 0.2 %

NYSE RKT traded up $0.02 during trading hours on Thursday, reaching $11.60. 2,482,662 shares of the company’s stock traded hands, compared to its average volume of 2,906,214. Rocket Companies has a 52-week low of $10.87 and a 52-week high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm has a 50-day simple moving average of $15.01 and a 200 day simple moving average of $16.21. The firm has a market cap of $23.14 billion, a PE ratio of -72.50 and a beta of 2.38.

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

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in Rocket Companies in the third quarter valued at about $39,000. Quarry LP grew its stake in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares during the period. Blue Trust Inc. purchased a new stake in shares of Rocket Companies during the 2nd quarter valued at about $61,000. V Square Quantitative Management LLC bought a new position in shares of Rocket Companies in the 3rd quarter worth approximately $120,000. Finally, International Assets Investment Management LLC boosted its holdings in shares of Rocket Companies by 3,429.7% in the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after buying an additional 7,168 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other 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.