Keefe, Bruyette & Woods Cuts Rocket Companies (NYSE:RKT) Price Target to $10.50

Rocket Companies (NYSE:RKT) had its target price reduced by Keefe, Bruyette & Woods from $11.50 to $10.50 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the stock.

Other research analysts also recently issued reports about the company. Barclays reduced their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. JPMorgan Chase & Co. reduced their price objective on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research report on Monday, December 9th. Morgan Stanley dropped 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. Wedbush reissued a “neutral” rating and set a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada decreased 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 note on Wednesday, November 13th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.83.

Rocket Companies Stock Up 1.2 %

RKT stock opened at $10.98 on Friday. Rocket Companies has a one year low of $10.78 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm’s fifty day moving average is $13.53 and its 200 day moving average is $15.95. The firm has a market cap of $21.90 billion, a PE ratio of -68.63 and a beta of 2.38.

Rocket Companies (NYSE:RKT) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period last year, the firm earned ($0.01) EPS. On average, research analysts forecast that Rocket Companies will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Rocket Companies by 7.1% in the 2nd 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 in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Rocket Companies by 21.7% in the second quarter. Commonwealth Equity Services LLC now owns 69,645 shares of the company’s stock valued at $954,000 after purchasing an additional 12,397 shares during the period. Rhumbline Advisers increased its position in Rocket Companies by 5.6% during the second quarter. Rhumbline Advisers now owns 128,232 shares of the company’s stock worth $1,757,000 after purchasing an additional 6,802 shares during the last quarter. Arizona State Retirement System raised its stake in 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. Finally, Oak Thistle LLC acquired a new position in Rocket Companies in the 2nd quarter valued at about $299,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.