Rocket Companies (NYSE:RKT) Sets New 1-Year Low Following Analyst Downgrade

Rocket Companies, Inc. (NYSE:RKT) shares reached a new 52-week low on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $11.50 to $10.50. Keefe, Bruyette & Woods currently has an underperform rating on the stock. Rocket Companies traded as low as $10.67 and last traded at $10.74, with a volume of 684087 shares trading hands. The stock had previously closed at $10.98.

A number of other research analysts have also issued reports on the company. Morgan Stanley reduced their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Bank of America increased their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. Barclays dropped their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 13th. UBS Group decreased their price objective on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. dropped their target price on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a report on Monday, December 9th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $13.83.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of RKT. Tidal Investments LLC lifted its holdings in shares of Rocket Companies by 804.3% during the third quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after purchasing an additional 280,847 shares during the last quarter. Virtu Financial LLC raised its holdings in Rocket Companies by 22.1% during the 3rd quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock worth $310,000 after buying an additional 2,925 shares during the period. Geode Capital Management LLC lifted its stake 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 buying an additional 12,735 shares in the last quarter. Barclays PLC boosted its holdings in shares of Rocket Companies by 136.2% in the third quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after buying an additional 137,441 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Rocket Companies in the third quarter worth approximately $1,486,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Price Performance

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 market cap of $21.56 billion, a price-to-earnings ratio of -67.56 and a beta of 2.42. The stock’s fifty day moving average price is $13.42 and its 200-day moving average price is $15.93.

Rocket Companies (NYSE:RKT) last announced 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. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s revenue was down 46.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) EPS. Equities research analysts predict that Rocket Companies, Inc. will post 0.16 EPS for the current fiscal year.

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.