Rocket Companies (NYSE:RKT) Shares Gap Down on Analyst Downgrade

Rocket Companies, Inc. (NYSE:RKT) gapped down prior to trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $15.54, but opened at $13.90. Royal Bank of Canada currently has a sector perform rating on the stock. Rocket Companies shares last traded at $13.55, with a volume of 831,558 shares changing hands.

A number of other research firms have also issued reports on RKT. Barclays reduced their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday. Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Wells Fargo & Company raised their price target on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Finally, Wedbush reissued a “neutral” rating and set a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.48.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Townsquare Capital LLC acquired a new stake in Rocket Companies during the 3rd quarter worth $238,000. Quantbot Technologies LP raised its holdings in shares of Rocket Companies by 3.7% in the 3rd quarter. Quantbot Technologies LP now owns 153,033 shares of the company’s stock valued at $2,937,000 after purchasing an additional 5,438 shares during the period. Kingsview Wealth Management LLC acquired a new position in Rocket Companies in the 3rd quarter valued at about $235,000. Cerity Partners LLC grew its stake in Rocket Companies by 85.1% in the 3rd quarter. Cerity Partners LLC now owns 31,190 shares of the company’s stock valued at $599,000 after buying an additional 14,340 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Rocket Companies by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after buying an additional 72,308 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 9.1 %

The stock’s 50-day simple moving average is $17.90 and its 200-day simple moving average is $16.28. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27.

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.