Rocket Companies (NYSE:RKT) Hits New 52-Week Low on Analyst Downgrade

Shares of Rocket Companies, Inc. (NYSE:RKT) hit a new 52-week low during mid-day trading on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $11.50 to $10.50. Keefe, Bruyette & Woods currently has an underperform rating on the stock. Rocket Companies traded as low as $10.67 and last traded at $10.74, with a volume of 684087 shares traded. The stock had previously closed at $10.98.

A number of other research firms also recently weighed in on RKT. Bank of America upped their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. UBS Group decreased their target price on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. 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. Piper Sandler decreased their price objective 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. Finally, Morgan Stanley cut their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Six research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.83.

Hedge Funds Weigh In On Rocket Companies

Hedge funds have recently modified their holdings of the business. State Street Corp lifted its stake in shares of Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after acquiring an additional 1,269,795 shares during the period. Marshall Wace LLP bought a new position in Rocket Companies during the second quarter worth $10,811,000. Renaissance Technologies LLC boosted its position in Rocket Companies by 26.1% during the second 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 last quarter. Philip James Wealth Mangement LLC acquired a new position in shares of Rocket Companies in the 3rd quarter valued at about $6,811,000. Finally, Tidal Investments LLC boosted its position in shares of Rocket Companies by 804.3% during 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.

Rocket Companies Stock Down 2.3 %

The firm has a market cap of $21.40 billion, a price-to-earnings ratio of -67.06 and a beta of 2.38. The firm has a 50 day moving average of $13.53 and a 200 day moving average of $15.95. 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 issued its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted ($0.01) EPS. The firm’s revenue for the quarter was down 46.2% compared to the same quarter last year. As a group, sell-side analysts predict that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

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.