Piper Sandler Lowers Rocket Companies (NYSE:RKT) Price Target to $16.00

Rocket Companies (NYSE:RKT) had its price objective reduced by Piper Sandler from $17.00 to $16.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also recently weighed in on RKT. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. UBS Group boosted their price target on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research report on Monday, September 16th. Wedbush restated a “neutral” rating and issued a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday. Barclays reduced their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday. Finally, Royal Bank of Canada lowered their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and a consensus price target of $15.13.

Rocket Companies Price Performance

NYSE RKT traded up $0.07 during trading on Thursday, reaching $13.73. 2,391,631 shares of the company traded hands, compared to its average volume of 2,897,149. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The company has a market cap of $27.32 billion, a price-to-earnings ratio of -85.34 and a beta of 2.46. The stock’s 50 day moving average price is $17.66 and its two-hundred day moving average price is $16.25. The company has a debt-to-equity ratio of 1.51, a quick ratio of 13.18 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the business posted ($0.01) EPS. The firm’s quarterly revenue was down 46.2% on a year-over-year basis. As a group, analysts anticipate that Rocket Companies will post 0.22 EPS for the current year.

Institutional Trading of Rocket Companies

Several hedge funds have recently modified their holdings of RKT. Capital Performance Advisors LLP acquired a new position in shares of Rocket Companies during the third quarter valued at about $39,000. Quarry LP boosted its holdings in Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after acquiring an additional 3,899 shares in the last quarter. Blue Trust Inc. bought a new stake in shares of Rocket Companies during the second quarter valued at approximately $61,000. EntryPoint Capital LLC bought a new position in shares of Rocket Companies in the 1st quarter worth $77,000. Finally, V Square Quantitative Management LLC acquired a new stake in Rocket Companies in the 3rd quarter valued at $120,000. 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.