Brokerages Set Rocket Companies, Inc. (NYSE:RKT) Price Target at $13.92

Rocket Companies, Inc. (NYSE:RKT) has been given a consensus recommendation of “Reduce” by the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $13.92.

A number of research firms have recently weighed in on RKT. Royal Bank of Canada dropped their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Piper Sandler lowered their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Wedbush reissued a “neutral” rating and issued a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. UBS Group cut 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. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $11.50 price objective (down previously from $16.00) on shares of Rocket Companies in a research note on Tuesday, December 10th.

Institutional Inflows and Outflows

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

Rocket Companies Stock Performance

RKT stock opened at $11.11 on Monday. Rocket Companies has a 1-year low of $10.87 and a 1-year high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market cap of $22.16 billion, a PE ratio of -69.44 and a beta of 2.38. The business’s 50-day moving average price is $14.34 and its two-hundred day moving average price is $16.11.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS 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 firm’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period last year, the business posted ($0.01) earnings per share. As a group, research analysts forecast that Rocket Companies will post 0.16 earnings per share for the current year.

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.