Morgan Stanley Lowers Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKT) had its price objective reduced by Morgan Stanley from $16.00 to $13.00 in a research report sent to investors on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research analysts have also recently commented on RKT. Wedbush reissued a “neutral” rating and set a $13.00 price target (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Piper Sandler cut their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. JPMorgan Chase & Co. decreased their target price on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research note on Monday, December 9th. Barclays dropped 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. Finally, Bank of America lifted their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $13.92.

Rocket Companies Trading Up 1.6 %

NYSE:RKT opened at $11.82 on Thursday. The company has a market cap of $23.58 billion, a P/E ratio of -73.88 and a beta of 2.38. Rocket Companies has a twelve month low of $10.87 and a twelve month high of $21.38. The business has a 50 day moving average price of $14.77 and a two-hundred day moving average price of $16.18. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 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 during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The firm’s revenue was down 46.2% on a year-over-year basis. As a group, analysts expect that Rocket Companies will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Large investors have recently made changes to their positions in the company. Lakeshore Financial Planning Inc. increased its position in Rocket Companies by 8.0% during the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after acquiring an additional 1,000 shares during the period. Wedmont Private Capital grew its position in shares of Rocket Companies by 8.9% during the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after purchasing an additional 1,305 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Rocket Companies by 6.0% during the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock worth $479,000 after purchasing an additional 1,979 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Rocket Companies in the third quarter valued at approximately $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Rocket Companies by 7.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after buying an additional 2,064 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.