Rocket Companies (NYSE:RKT) Shares Gap Down – Here’s What Happened

Rocket Companies, Inc. (NYSE:RKT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $19.27, but opened at $18.73. Rocket Companies shares last traded at $18.78, with a volume of 559,405 shares changing hands.

Analysts Set New Price Targets

Several research firms have issued reports on RKT. Wedbush increased their target price on Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. UBS Group increased their price objective on Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a report on Monday, September 16th. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Royal Bank of Canada increased their price target on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 11th. Finally, Barclays boosted their price objective on shares of Rocket Companies from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Tuesday, July 9th. Five analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $14.16.

Rocket Companies Stock Down 4.1 %

The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The company has a fifty day simple moving average of $18.83 and a 200 day simple moving average of $15.49. The firm has a market capitalization of $35.93 billion, a P/E ratio of 164.27 and a beta of 2.44.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) earnings per share. On average, equities analysts expect that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Several hedge funds have recently bought and sold shares of RKT. Quarry LP lifted its position 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 buying an additional 3,899 shares in the last quarter. Algert Global LLC raised its position in shares of Rocket Companies by 117.2% during the 2nd quarter. Algert Global LLC now owns 23,285 shares of the company’s stock valued at $319,000 after buying an additional 12,565 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Rocket Companies by 34.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock valued at $344,000 after acquiring an additional 6,377 shares during the last quarter. AQR Capital Management LLC increased its stake in Rocket Companies by 306.3% during the second quarter. AQR Capital Management LLC now owns 197,592 shares of the company’s stock worth $2,707,000 after acquiring an additional 148,965 shares during the last quarter. Finally, Kingfisher Capital LLC raised its position in Rocket Companies by 1.4% during the second quarter. Kingfisher Capital LLC now owns 183,083 shares of the company’s stock valued at $2,508,000 after purchasing an additional 2,606 shares during the period. 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.