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

Shares of Rocket Companies, Inc. (NYSE:RKT) have been given an average recommendation of “Reduce” by the thirteen research firms that are presently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $13.50.

Several equities research analysts have recently commented on RKT shares. Royal Bank of Canada decreased their price objective 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. Wedbush restated a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. The Goldman Sachs Group lowered their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Morgan Stanley reduced their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Finally, Barclays lowered their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th.

Rocket Companies Trading Up 1.5 %

RKT opened at $12.92 on Tuesday. The company has a fifty day moving average price of $11.97 and a two-hundred day moving average price of $15.54. Rocket Companies has a 1-year low of $10.06 and a 1-year high of $21.38. The company has a market cap of $25.77 billion, a P/E ratio of -80.74 and a beta of 2.43. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) EPS. Analysts predict that Rocket Companies will post 0.15 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of RKT. The Manufacturers Life Insurance Company boosted its position in Rocket Companies by 34.0% in the second quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock worth $344,000 after purchasing an additional 6,377 shares during the last quarter. CWM LLC boosted its holdings in shares of Rocket Companies by 73.6% in the 3rd quarter. CWM LLC now owns 25,154 shares of the company’s stock worth $483,000 after buying an additional 10,668 shares during the last quarter. Wedmont Private Capital grew its position in Rocket Companies by 8.9% during the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after buying an additional 1,305 shares during the period. nVerses Capital LLC purchased a new stake in Rocket Companies during the third quarter worth about $472,000. Finally, Bleakley Financial Group LLC bought a new stake in Rocket Companies in the third quarter worth about $196,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.