The Goldman Sachs Group Cuts Rocket Companies (NYSE:RKT) Price Target to $14.00

Rocket Companies (NYSE:RKT) had its price objective reduced by The Goldman Sachs Group from $16.00 to $14.00 in a report released on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts also recently commented on the company. Morgan Stanley cut their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a research report on Monday, December 9th. Barclays decreased their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Wedbush reaffirmed a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reduced their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Six equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.85.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $10.46 on Tuesday. The company has a market capitalization of $20.86 billion, a PE ratio of -65.38 and a beta of 2.42. The business has a fifty day moving average price of $13.07 and a 200-day moving average price of $15.83. Rocket Companies has a 1-year low of $10.27 and a 1-year high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the business earned ($0.01) EPS. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. As a group, equities analysts expect that Rocket Companies will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its holdings in Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after purchasing an additional 1,269,795 shares during the period. Renaissance Technologies LLC grew its stake in shares of Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares during the period. Geode Capital Management LLC grew its stake in shares of Rocket Companies by 0.6% during 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 during the period. Charles Schwab Investment Management Inc. increased its holdings 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 worth $19,971,000 after acquiring an additional 72,308 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Rocket Companies during the 2nd quarter worth approximately $10,811,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

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.