Rocket Companies (NYSE:RKT) Stock Price Down 9.9%

Rocket Companies, Inc. (NYSE:RKT)’s share price traded down 9.9% during trading on Wednesday . The stock traded as low as $12.61 and last traded at $12.72. 962,878 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 2,497,550 shares. The stock had previously closed at $14.11.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Bank of America boosted their price objective on shares of Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Rocket Companies in a research note on Wednesday, January 10th. They issued a “hold” rating and a $10.00 target price for the company. Wells Fargo & Company cut their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 23rd. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $10.75 target price on shares of Rocket Companies in a research note on Wednesday, January 3rd. Finally, Wedbush reissued a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a research note on Friday, February 23rd. Six equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.02.

Rocket Companies Trading Up 0.7 %

The company has a 50 day moving average of $12.53 and a 200-day moving average of $11.09. The company has a debt-to-equity ratio of 0.92, a quick ratio of 9.78 and a current ratio of 9.78.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Rocket Companies had a negative return on equity of 3.63% and a negative net margin of 0.41%. The company had revenue of $885.00 million during the quarter, compared to analyst estimates of $762.44 million. During the same period in the prior year, the business earned ($0.12) earnings per share. Rocket Companies’s quarterly revenue was up 29.6% on a year-over-year basis. As a group, analysts predict that Rocket Companies, Inc. will post 0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Several large investors have recently added to or reduced their stakes in the stock. First Affirmative Financial Network increased its position in Rocket Companies by 6.1% in the first quarter. First Affirmative Financial Network now owns 14,272 shares of the company’s stock worth $208,000 after buying an additional 822 shares during the period. Wedmont Private Capital acquired a new position in shares of Rocket Companies during the first quarter valued at $154,000. Vanguard Group Inc. increased its holdings in shares of Rocket Companies by 10.4% during the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after purchasing an additional 1,101,325 shares during the period. Vima LLC acquired a new position in shares of Rocket Companies during the fourth quarter valued at $31,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Rocket Companies during the fourth quarter valued at $381,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.