Rocket Companies’ (RKT) “Underperform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their underperform rating on shares of Rocket Companies (NYSE:RKT) in a research note released on Tuesday morning, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has a $11.50 target price on the stock, down from their previous target price of $16.00.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a report on Monday. Wedbush reissued a “neutral” rating and set a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Bank of America upped their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. Piper Sandler dropped their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Morgan Stanley assumed coverage on Rocket Companies in a research note on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 target price for the company. Six investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and an average target price of $14.33.

Rocket Companies Stock Performance

NYSE RKT opened at $12.51 on Tuesday. The company has a market capitalization of $24.94 billion, a price-to-earnings ratio of -78.16 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 twelve month low of $10.81 and a twelve month high of $21.38. The stock has a fifty day simple moving average of $15.44 and a 200 day simple moving average of $16.25.

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

Institutional Trading of Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC grew its holdings in shares of Rocket Companies by 140.5% during the second quarter. CWM LLC now owns 14,486 shares of the company’s stock valued at $198,000 after buying an additional 8,462 shares during the last quarter. Wedmont Private Capital boosted its stake in Rocket Companies by 34.1% during the 2nd quarter. Wedmont Private Capital now owns 14,632 shares of the company’s stock valued at $210,000 after purchasing an additional 3,718 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Rocket Companies by 27.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 19,800 shares of the company’s stock worth $271,000 after purchasing an additional 4,250 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Rocket Companies in the second quarter worth approximately $61,000. Finally, Raymond James & Associates lifted its holdings in shares of Rocket Companies by 4.3% in the second quarter. Raymond James & Associates now owns 202,215 shares of the company’s stock valued at $2,770,000 after purchasing an additional 8,278 shares in the last quarter. 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.