Keefe, Bruyette & Woods Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective dropped by investment analysts at Keefe, Bruyette & Woods from $11.50 to $10.50 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential downside of 3.23% from the company’s previous close.

Several other research firms have also weighed in on RKT. Bank of America increased their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Barclays dropped their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler decreased their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Wedbush restated a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Finally, Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Down 3.6 %

NYSE:RKT opened at $10.85 on Friday. 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 12-month low of $10.78 and a 12-month high of $21.38. The stock’s fifty day simple moving average is $13.75 and its 200-day simple moving average is $15.99. The firm has a market capitalization of $21.64 billion, a P/E ratio of -67.81 and a beta of 2.38.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RKT. State Street Corp boosted its stake in shares of Rocket Companies by 44.7% during the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Geode Capital Management LLC boosted its position in Rocket Companies by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after purchasing an additional 12,735 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Rocket Companies by 7.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after purchasing an additional 72,308 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Rocket Companies during the 2nd quarter worth approximately $10,811,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.