Rocket Companies (NYSE:RKT) Given New $13.00 Price Target at Morgan Stanley

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

Several other brokerages have also issued reports on RKT. Wedbush reiterated a “neutral” rating and issued a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lowered their price objective on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research note on Monday, December 9th. Barclays reduced their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. UBS Group dropped their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Thursday, November 14th. Finally, Bank of America lifted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Six research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $13.92.

Rocket Companies Trading Up 0.3 %

Shares of NYSE:RKT opened at $11.67 on Thursday. The company has a 50-day simple moving average of $14.89 and a 200 day simple moving average of $16.18. The company has a market capitalization of $23.28 billion, a P/E ratio of -72.94 and a beta of 2.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. Rocket Companies has a 52-week low of $10.87 and a 52-week high of $21.38.

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

Institutional Trading of Rocket Companies

Several hedge funds have recently made changes to their positions in RKT. State Street Corp grew its stake 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 worth $78,836,000 after acquiring an additional 1,269,795 shares during the period. Renaissance Technologies LLC lifted its holdings in Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after purchasing an additional 510,400 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Rocket Companies by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after acquiring an additional 12,735 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 purchasing an additional 72,308 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Rocket Companies in the second quarter worth approximately $10,811,000. 4.59% of the stock is currently owned by institutional investors.

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.