Rocket Companies, Inc. (NYSE:RKT) Receives Average Recommendation of “Reduce” from Analysts

Shares of Rocket Companies, Inc. (NYSE:RKT) have received a consensus rating of “Reduce” from the twelve brokerages that are covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $15.13.

RKT has been the topic of a number of research reports. Piper Sandler cut their target price on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. UBS Group cut their target price on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Thursday, November 14th. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Barclays lowered their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd.

Rocket Companies Stock Up 2.0 %

Shares of NYSE RKT opened at $14.34 on Thursday. The firm’s 50-day simple moving average is $16.64 and its 200 day simple moving average is $16.31. The company has a market cap of $28.60 billion, a price-to-earnings ratio of -89.63 and a beta of 2.46. 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 $9.06 and a 12-month high of $21.38.

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 analysts’ consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the company posted ($0.01) EPS. The company’s revenue was down 46.2% compared to the same quarter last year. On average, research analysts expect that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds have recently made changes to their positions in the business. Boston Partners grew its stake in shares of Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after acquiring an additional 381,841 shares in the last quarter. State Street Corp grew 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 acquiring an additional 1,269,795 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Rocket Companies by 26.1% during the 2nd 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 holdings in shares of Rocket Companies by 0.6% in the 3rd 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Rocket Companies by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after buying an additional 72,308 shares during the last quarter. 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.