Rocket Companies (NYSE:RKT) Upgraded to “Neutral” at UBS Group

Rocket Companies (NYSE:RKT) was upgraded by analysts at UBS Group from a “sell” rating to a “neutral” rating in a report issued on Friday, MarketBeat reports. The firm presently has a $11.50 target price on the stock, down from their previous target price of $12.50. UBS Group’s target price would suggest a potential upside of 11.43% from the stock’s previous close.

Several other research firms also recently weighed in on RKT. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a report on Friday, January 3rd. Piper Sandler reduced their price objective 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. Royal Bank of Canada cut their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group decreased their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, Barclays dropped their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.77.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $10.32 on Friday. The firm has a market capitalization of $20.59 billion, a P/E ratio of -64.50 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 $10.22 and a 52 week high of $21.38. The firm’s 50 day moving average is $12.97 and its two-hundred day moving average is $15.82.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the business earned ($0.01) EPS. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. Research analysts forecast 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 have recently added to or reduced their stakes in RKT. Commonwealth Equity Services LLC lifted its holdings in shares of Rocket Companies by 21.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 69,645 shares of the company’s stock valued at $954,000 after buying an additional 12,397 shares during the period. Rhumbline Advisers boosted its position in shares of Rocket Companies by 5.6% during the 2nd quarter. Rhumbline Advisers now owns 128,232 shares of the company’s stock worth $1,757,000 after purchasing an additional 6,802 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Rocket Companies by 6.0% during the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock worth $479,000 after purchasing an additional 1,979 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in shares of Rocket Companies in the second quarter valued at about $1,040,000. Hedge funds and other institutional investors 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.