Rocket Companies (NYSE:RKT) Upgraded by UBS Group to Neutral Rating

UBS Group upgraded shares of Rocket Companies (NYSE:RKT) from a sell rating to a neutral rating in a research note released on Friday morning, Marketbeat reports. They currently have $11.50 price objective on the stock, down from their prior price objective of $12.50.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley decreased their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. 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 on the stock in a research report on Wednesday, November 13th. The Goldman Sachs Group reduced their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods reduced their price target on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating on the stock in a research report on Friday, January 3rd. Finally, Barclays reduced their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.77.

Rocket Companies Price Performance

RKT opened at $10.32 on Friday. The company’s 50 day simple moving average is $12.97 and its 200 day simple moving average is $15.83. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. Rocket Companies has a 1 year low of $10.22 and a 1 year high of $21.38. The stock has a market capitalization of $20.59 billion, a PE ratio of -64.50 and a beta of 2.42.

Rocket Companies (NYSE:RKT) last released 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. 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 for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was down 46.2% on a year-over-year basis. As a group, sell-side analysts expect that Rocket Companies will post 0.16 EPS for the current year.

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently made changes to their positions in RKT. Capital Performance Advisors LLP bought a new stake in Rocket Companies during the third quarter valued at $39,000. Quarry LP increased its stake in Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Rocket Companies during the third quarter valued at $120,000. Blue Trust Inc. boosted its holdings in shares of Rocket Companies by 54.1% during the third quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after acquiring an additional 2,261 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Rocket Companies by 3,429.7% during the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after acquiring an additional 7,168 shares during the period. Institutional investors own 4.59% of the company’s stock.

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.