Rocket Companies (NYSE:RKT) Upgraded at UBS Group

UBS Group upgraded shares of Rocket Companies (NYSE:RKT) from a sell rating to a neutral rating in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has $11.50 price target on the stock, down from their previous price target of $12.50.

Other analysts have also issued research reports about the stock. Barclays decreased 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 note on Wednesday, November 13th. Keefe, Bruyette & Woods decreased 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 note on Friday, January 3rd. Piper Sandler decreased their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. The Goldman Sachs Group reduced their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Bank of America lifted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th. Five analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $13.77.

Rocket Companies Trading Down 1.2 %

NYSE RKT opened at $10.32 on Friday. The stock has a market cap of $20.59 billion, a P/E ratio of -64.50 and a beta of 2.42. Rocket Companies has a 12-month low of $10.22 and a 12-month high of $21.38. The company has a fifty day simple moving average of $12.97 and a two-hundred day simple moving average of $15.83. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $647.00 million for 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 2.86%. The firm’s revenue was down 46.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.01) earnings per share. On average, analysts forecast that Rocket Companies will post 0.16 earnings per share for the current year.

Institutional Trading of Rocket Companies

Several hedge funds have recently made changes to their positions in RKT. State Street Corp increased its holdings in shares of Rocket Companies by 44.7% in the 3rd 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 in the last quarter. Marshall Wace LLP purchased a new position in shares of Rocket Companies in the 2nd quarter valued at about $10,811,000. Renaissance Technologies LLC increased its holdings in shares of Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares in the last quarter. Philip James Wealth Mangement LLC purchased a new position in shares of Rocket Companies in the 3rd quarter valued at about $6,811,000. Finally, Tidal Investments LLC increased its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds 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.