Rocket Companies (NYSE:RKT) Shares Gap Down Following Analyst Downgrade

Rocket Companies, Inc. (NYSE:RKT)’s share price gapped down before the market opened on Wednesday after UBS Group lowered their price target on the stock from $14.00 to $12.50. The stock had previously closed at $15.54, but opened at $13.90. UBS Group currently has a sell rating on the stock. Rocket Companies shares last traded at $13.55, with a volume of 831,558 shares.

A number of other equities analysts have also commented on RKT. Morgan Stanley started coverage on shares of Rocket Companies in a research report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday. JPMorgan Chase & Co. increased their price target on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Barclays cut their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company increased their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and a consensus price target of $15.13.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. PDT Partners LLC boosted its position in shares of Rocket Companies by 130.3% in the 3rd quarter. PDT Partners LLC now owns 253,936 shares of the company’s stock worth $4,873,000 after purchasing an additional 143,664 shares during the last quarter. Verition Fund Management LLC lifted its stake in Rocket Companies by 79.2% in the third quarter. Verition Fund Management LLC now owns 78,982 shares of the company’s stock valued at $1,516,000 after buying an additional 34,895 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Rocket Companies by 2.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 283,437 shares of the company’s stock worth $5,439,000 after buying an additional 7,824 shares during the last quarter. FORA Capital LLC bought a new stake in shares of Rocket Companies in the 3rd quarter valued at about $1,298,000. Finally, Townsquare Capital LLC acquired a new stake in shares of Rocket Companies in the 3rd quarter valued at approximately $238,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Down 3.4 %

The firm has a market cap of $27.17 billion, a P/E ratio of -85.88 and a beta of 2.46. The firm’s 50 day moving average is $17.78 and its two-hundred day moving average is $16.27. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last announced 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 during the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.84%. The firm’s revenue was down 46.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. As a group, research analysts anticipate that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

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.