Rocket Companies (NYSE:RKT) Shares Gap Down to $19.27

Rocket Companies, Inc. (NYSE:RKT) gapped down before the market opened on Wednesday . The stock had previously closed at $19.27, but opened at $18.73. Rocket Companies shares last traded at $18.78, with a volume of 559,405 shares.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. UBS Group increased their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research note on Monday, September 16th. Royal Bank of Canada increased their target price on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. increased their target price on shares of Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Bank of America increased their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Finally, Barclays increased their target price on shares of Rocket Companies from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 9th. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and a consensus price target of $13.73.

Rocket Companies Price Performance

The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The business’s 50 day simple moving average is $18.69 and its two-hundred day simple moving average is $15.45. The stock has a market capitalization of $37.76 billion, a P/E ratio of 175.20 and a beta of 2.45.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm earned ($0.05) earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Rocket Companies, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in Rocket Companies during the fourth quarter worth about $1,852,000. Capital World Investors grew its stake in Rocket Companies by 0.3% during the fourth quarter. Capital World Investors now owns 3,642,099 shares of the company’s stock valued at $52,738,000 after acquiring an additional 10,068 shares in the last quarter. Capital Fund Management S.A. grew its stake in Rocket Companies by 27.8% during the fourth quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock valued at $7,271,000 after acquiring an additional 109,278 shares in the last quarter. Kingfisher Capital LLC grew its stake in Rocket Companies by 16.7% during the fourth quarter. Kingfisher Capital LLC now owns 178,618 shares of the company’s stock valued at $2,586,000 after acquiring an additional 25,520 shares in the last quarter. Finally, Vima LLC purchased a new position in Rocket Companies during the fourth quarter valued at approximately $31,000. 4.59% of the stock is owned by 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.