Morgan Stanley Cuts Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKT) had its price objective lowered by Morgan Stanley from $16.00 to $13.00 in a research report report published on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

RKT has been the subject of a number of other reports. Royal Bank of Canada dropped their target price on shares of 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. Wedbush reiterated a “neutral” rating and issued a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Barclays dropped their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Bank of America lifted 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. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and set a $11.50 target price (down from $16.00) on shares of Rocket Companies in a research report on Tuesday, December 10th. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $13.92.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $11.82 on Thursday. Rocket Companies has a 1-year low of $10.87 and a 1-year high of $21.38. The firm’s 50-day moving average price is $14.77 and its two-hundred day moving average price is $16.18. 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 stock has a market capitalization of $23.58 billion, a price-to-earnings ratio of -73.88 and a beta of 2.38.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $647.00 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 46.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.01) EPS. On average, equities analysts predict that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently bought and sold shares of the company. State Street Corp lifted its holdings 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 valued at $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Marshall Wace LLP acquired a new stake in Rocket Companies during the 2nd quarter worth approximately $10,811,000. Renaissance Technologies LLC lifted its stake in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after buying an additional 510,400 shares in the last quarter. Philip James Wealth Mangement LLC acquired a new position in shares of Rocket Companies in the third quarter valued at approximately $6,811,000. Finally, Tidal Investments LLC increased its position in shares of Rocket Companies by 804.3% during the third quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock worth $6,060,000 after acquiring an additional 280,847 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

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.