Wedbush Reaffirms Neutral Rating for Rocket Companies (NYSE:RKT)

Rocket Companies (NYSE:RKT)‘s stock had its “neutral” rating reiterated by equities research analysts at Wedbush in a research note issued to investors on Wednesday,RTT News reports. They currently have a $13.00 target price on the stock, down from their previous target price of $18.00. Wedbush’s price target suggests a potential downside of 4.80% from the company’s current price.

Several other research firms have also commented on RKT. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Royal Bank of Canada upped their price objective on shares of Rocket Companies from $16.00 to $20.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 11th. Bank of America increased their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Barclays upped their price target on shares of Rocket Companies from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Price Performance

NYSE RKT opened at $13.66 on Wednesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. Rocket Companies has a fifty-two week low of $8.81 and a fifty-two week high of $21.38. The business has a fifty day moving average of $17.78 and a 200-day moving average of $16.27.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The company 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 in the prior year, the firm earned ($0.01) EPS. Equities research analysts predict that Rocket Companies will post 0.22 earnings per share for the current year.

Institutional Trading of Rocket Companies

Several large investors have recently added to or reduced their stakes in RKT. Boston Partners grew its position in Rocket Companies by 4.2% in the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Rocket Companies by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after acquiring an additional 72,308 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Rocket Companies in the second quarter worth about $10,811,000. Finally, Greylin Investment Management Inc boosted its holdings in Rocket Companies by 45.7% in the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after purchasing an additional 111,563 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.