Rocket Companies, Inc. (NYSE:RKT) Receives $13.92 Consensus Target Price from Analysts

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Reduce” from the twelve ratings firms that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $13.92.

A number of research firms have commented on RKT. Royal Bank of Canada cut their price objective on shares of 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 reaffirmed a “neutral” rating and issued a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Barclays lowered their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. Morgan Stanley dropped their target price on 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, Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $11.50 price target (down previously from $16.00) on shares of Rocket Companies in a report on Tuesday, December 10th.

Rocket Companies Price Performance

NYSE:RKT opened at $11.11 on Monday. The firm has a market cap of $22.16 billion, a P/E ratio of -69.44 and a beta of 2.38. The stock has a 50 day moving average of $14.34 and a two-hundred day moving average of $16.11. Rocket Companies has a 12 month low of $10.87 and a 12 month high of $21.38. 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 announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The firm’s quarterly revenue was down 46.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.01) EPS. On average, analysts expect that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its position in Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after buying an additional 1,269,795 shares during the period. Renaissance Technologies LLC boosted its holdings in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the period. Geode Capital Management LLC grew its stake in Rocket Companies by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after purchasing an additional 12,735 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Rocket Companies by 7.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after purchasing an additional 72,308 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Rocket Companies in the 2nd quarter valued at about $10,811,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

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.