Rocket Companies (NYSE:RKT) Hits New 1-Year Low – What’s Next?

Rocket Companies, Inc. (NYSE:RKT)’s share price hit a new 52-week low on Monday . The company traded as low as $10.78 and last traded at $10.94, with a volume of 394595 shares traded. The stock had previously closed at $11.10.

Analyst Ratings Changes

Several research firms recently issued reports on RKT. Morgan Stanley decreased their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. UBS Group decreased their price target on Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Thursday, November 14th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $11.50 price objective (down from $16.00) on shares of Rocket Companies in a research report on Tuesday, December 10th. Royal Bank of Canada lowered their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Finally, Barclays reduced 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 note on Wednesday, November 13th. Six equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.92.

Rocket Companies Price Performance

The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market cap of $21.78 billion, a P/E ratio of -68.25 and a beta of 2.38. The business’s 50 day moving average is $14.07 and its two-hundred day moving average is $16.07.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company posted ($0.01) EPS. The business’s quarterly revenue was down 46.2% on a year-over-year basis. As a group, analysts anticipate that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new position in Rocket Companies in the third quarter worth approximately $39,000. Quarry LP raised 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 during the period. V Square Quantitative Management LLC bought a new position in shares of Rocket Companies in the 3rd quarter worth $120,000. Blue Trust Inc. grew its position in 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 increased 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 valued at $142,000 after purchasing an additional 7,168 shares in the last quarter. Institutional investors and hedge funds 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.