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

Rocket Companies, Inc. (NYSE:RKT) has been assigned a consensus recommendation of “Reduce” from the twelve analysts that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $13.92.

RKT has been the subject of several analyst reports. UBS Group dropped their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Thursday, November 14th. Royal Bank of Canada lowered their price objective on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 13th. Piper Sandler cut 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. Morgan Stanley decreased their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Bank of America raised their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th.

Rocket Companies Trading Up 1.6 %

Shares of RKT opened at $11.82 on Monday. The firm’s fifty day moving average is $14.77 and its two-hundred day moving average is $16.18. The stock has a market cap of $23.58 billion, a PE ratio of -73.88 and a beta of 2.38. 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 $10.87 and a 52-week 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 for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business’s revenue was down 46.2% on a year-over-year basis. During the same period last year, the company posted ($0.01) EPS. Research analysts forecast that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new stake in Rocket Companies in the third quarter valued at $39,000. Quarry LP increased its position in shares of Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after purchasing an additional 3,899 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies in the 3rd quarter valued at about $120,000. Blue Trust Inc. boosted its position in shares of Rocket Companies by 54.1% in the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after purchasing an additional 2,261 shares during the period. Finally, International Assets Investment Management LLC grew its stake in Rocket Companies by 3,429.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after buying an additional 7,168 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

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.