Rocket Companies’ (RKT) “Neutral” Rating Reaffirmed at Wedbush

Rocket Companies (NYSE:RKT)‘s stock had its “neutral” rating reaffirmed by equities researchers at Wedbush in a research report issued to clients and investors on Friday, Marketbeat.com reports. They presently have a $12.00 target price on the stock, down from their prior target price of $13.00. Wedbush’s target price would indicate a potential upside of 8.01% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on RKT. Barclays raised Rocket Companies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. JPMorgan Chase & Co. cut their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. UBS Group lowered their target price on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.29.

Rocket Companies Stock Down 4.6 %

RKT opened at $11.11 on Friday. The company has a market capitalization of $22.18 billion, a P/E ratio of -69.44 and a beta of 2.33. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm’s fifty day moving average price is $13.19 and its two-hundred day moving average price is $13.12. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the business earned $0.04 EPS. The firm’s revenue was down 10.8% on a year-over-year basis. On average, analysts anticipate that Rocket Companies will post 0.15 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mather Group LLC. boosted its holdings in Rocket Companies by 312.2% in the first quarter. Mather Group LLC. now owns 2,601 shares of the company’s stock valued at $31,000 after acquiring an additional 1,970 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after purchasing an additional 2,221 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Rocket Companies during the 4th quarter worth approximately $47,000. GAMMA Investing LLC raised its stake in shares of Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock worth $47,000 after buying an additional 1,764 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in Rocket Companies by 147.1% in the first quarter. Signaturefd LLC now owns 4,372 shares of the company’s stock valued at $53,000 after buying an additional 2,603 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

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.