Rocket Companies (NYSE:RKT) Given New $10.50 Price Target at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) had its price objective cut by analysts at Keefe, Bruyette & Woods from $11.50 to $10.50 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential downside of 3.23% from the stock’s current price.

RKT has been the subject of a number of other research reports. Royal Bank of Canada cut their target price on shares of 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. Bank of America increased their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. UBS Group dropped their price target on Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Thursday, November 14th. Morgan Stanley reduced their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, Rocket Companies has an average rating of “Hold” and an average price target of $13.83.

Rocket Companies Stock Performance

RKT opened at $10.85 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The company has a market cap of $21.64 billion, a PE ratio of -67.81 and a beta of 2.38. The stock has a 50-day moving average of $13.75 and a 200-day moving average of $15.99. Rocket Companies has a 52-week low of $10.78 and a 52-week high of $21.38.

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 analysts’ consensus estimates of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business earned ($0.01) earnings per share. The company’s revenue was down 46.2% on a year-over-year basis. As a group, equities research analysts forecast that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its position in Rocket Companies by 804.3% in the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after purchasing an additional 280,847 shares during the last quarter. Virtu Financial LLC grew its holdings in Rocket Companies by 22.1% during the 3rd quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock worth $310,000 after acquiring an additional 2,925 shares during the last quarter. Geode Capital Management LLC increased its position in Rocket Companies by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after acquiring an additional 12,735 shares in the last quarter. Barclays PLC lifted its position in shares of Rocket Companies by 136.2% during the third quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after purchasing an additional 137,441 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Rocket Companies in the 3rd quarter worth approximately $1,486,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.