The Goldman Sachs Group Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price decreased by The Goldman Sachs Group from $16.00 to $14.00 in a research report sent to investors on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other analysts have also recently issued reports on RKT. Wedbush reissued a “neutral” rating and set a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. UBS Group lowered their target price on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Morgan Stanley reduced their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Piper Sandler cut their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Royal Bank of Canada decreased 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, November 13th. Six equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.85.

Rocket Companies Price Performance

Shares of RKT stock opened at $10.58 on Tuesday. The firm has a market cap of $21.10 billion, a price-to-earnings ratio of -66.13 and a beta of 2.42. The stock’s fifty day simple moving average is $13.30 and its 200 day simple moving average is $15.90. Rocket Companies has a one year low of $10.44 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) EPS. On average, analysts expect that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in Rocket Companies during the third quarter worth about $39,000. Quarry LP raised its stake in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares during the period. V Square Quantitative Management LLC purchased a new stake in Rocket Companies during the 3rd quarter worth about $120,000. Blue Trust Inc. grew its holdings in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after buying an additional 2,261 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Rocket Companies by 3,429.7% during the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after buying an additional 7,168 shares during the period. Hedge funds and other 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.