Rocket Companies (NYSE:RKT) Price Target Cut to $10.50 by Analysts at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) had its price target reduced by Keefe, Bruyette & Woods from $11.50 to $10.50 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the stock.

Other analysts have also issued research reports about the company. UBS Group cut their target price on Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Thursday, November 14th. Bank of America boosted their price objective on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Royal Bank of Canada lowered their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Morgan Stanley dropped their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Finally, Wedbush reissued a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Six research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $13.83.

Rocket Companies Stock Performance

NYSE RKT opened at $10.98 on Friday. The stock has a fifty day simple moving average of $13.53 and a 200-day simple moving average of $15.95. 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 cap of $21.90 billion, a PE ratio of -68.63 and a beta of 2.38. Rocket Companies has a twelve month low of $10.78 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million during 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%. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.01) earnings per share. Equities analysts anticipate that Rocket Companies will post 0.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Rocket Companies by 7.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after purchasing an additional 2,064 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Rocket Companies by 21.7% in the second quarter. Commonwealth Equity Services LLC now owns 69,645 shares of the company’s stock valued at $954,000 after buying an additional 12,397 shares during the last quarter. Rhumbline Advisers increased its holdings in Rocket Companies by 5.6% in the second quarter. Rhumbline Advisers now owns 128,232 shares of the company’s stock valued at $1,757,000 after buying an additional 6,802 shares during the last quarter. Arizona State Retirement System raised its stake in Rocket Companies by 6.0% in the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after buying an additional 1,979 shares in the last quarter. Finally, Oak Thistle LLC purchased a new stake in Rocket Companies during the 2nd quarter worth about $299,000. Institutional investors and hedge funds 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.