Rocket Companies (NYSE:RKT) Sets New 12-Month Low – Here’s What Happened

Rocket Companies, Inc. (NYSE:RKT) reached a new 52-week low during trading on Monday . The stock traded as low as $10.78 and last traded at $10.94, with a volume of 394595 shares traded. The stock had previously closed at $11.10.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RKT. Piper Sandler cut their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Wedbush restated a “neutral” rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Royal Bank of Canada reduced their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 13th. Morgan Stanley lowered their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Finally, Barclays reduced their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Six analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.92.

Rocket Companies Price Performance

The firm has a market capitalization of $22.46 billion, a P/E ratio of -70.38 and a beta of 2.38. The business’s fifty day moving average is $13.86 and its 200 day moving average is $16.02. 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 (EPS) for the quarter, meeting 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 positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s revenue was down 46.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) earnings per share. As a group, analysts forecast that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the period. Renaissance Technologies LLC boosted its stake in Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after purchasing an additional 510,400 shares during the period. Geode Capital Management LLC grew its position 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. raised its stake 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 valued at $19,971,000 after purchasing an additional 72,308 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Rocket Companies in the second quarter valued at $10,811,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.