Rocket Companies, Inc. (NYSE:RKT) Receives Average Rating of “Reduce” from Analysts

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus rating of “Reduce” from the twelve ratings firms that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $15.13.

A number of research firms have recently weighed in on RKT. Barclays cut their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Royal Bank of Canada decreased 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 report on Wednesday, November 13th. Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday, November 14th. Finally, Morgan Stanley began coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective for the company.

Rocket Companies Stock Down 2.3 %

Shares of Rocket Companies stock opened at $14.20 on Thursday. Rocket Companies has a 1 year low of $9.60 and a 1 year high of $21.38. The company has a market cap of $28.32 billion, a P/E ratio of -88.63 and a beta of 2.46. 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 50-day moving average price of $16.46 and a 200 day moving average price of $16.32.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results 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 business had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the firm earned ($0.01) earnings per share. The firm’s 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 fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of RKT. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies during the 3rd quarter worth about $39,000. Blue Trust Inc. bought a new position in Rocket Companies during the second quarter valued at about $61,000. Quarry LP raised its holdings in Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after acquiring an additional 3,899 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Rocket Companies in the 3rd quarter worth approximately $120,000. Finally, International Assets Investment Management LLC grew its holdings in shares of Rocket Companies by 3,429.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after purchasing an additional 7,168 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

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.