Rocket Companies, Inc. (NYSE:RKT) Given Average Rating of “Reduce” by Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned a consensus rating of “Reduce” from the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $13.92.

A number of research firms recently issued reports on RKT. Piper Sandler dropped their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Royal Bank of Canada lowered 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. UBS Group reduced their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Thursday, November 14th. Wedbush reissued 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. Finally, 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 research report on Wednesday, November 13th.

Rocket Companies Trading Down 0.9 %

Shares of RKT opened at $11.10 on Monday. The company’s fifty day simple moving average is $14.07 and its 200-day simple moving average is $16.07. The company has a market cap of $22.14 billion, a P/E ratio of -69.38 and a beta of 2.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a twelve month low of $10.87 and a twelve month 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 the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned ($0.01) earnings per share. The firm’s quarterly revenue was down 46.2% compared to the same quarter last year. As a group, analysts expect that Rocket Companies will post 0.16 EPS for the current year.

Institutional Trading of Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp lifted 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 purchasing an additional 1,269,795 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Rocket Companies during the second quarter valued at about $10,811,000. Renaissance Technologies LLC lifted its position 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 buying an additional 510,400 shares during the last quarter. Philip James Wealth Mangement LLC bought a new stake in shares of Rocket Companies in the 3rd quarter valued at about $6,811,000. Finally, Tidal Investments LLC grew its position in shares of Rocket Companies by 804.3% in the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock worth $6,060,000 after buying an additional 280,847 shares during 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.