Rocket Companies (NYSE:RKT) Hits New 12-Month Low Following Analyst Downgrade

Rocket Companies, Inc. (NYSE:RKT) shares hit a new 52-week low on Monday after The Goldman Sachs Group lowered their price target on the stock from $16.00 to $14.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Companies traded as low as $10.67 and last traded at $10.74, with a volume of 684087 shares. The stock had previously closed at $10.98.

Several other equities analysts also recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” 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 note on Monday, December 9th. UBS Group dropped their target price on Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Thursday, November 14th. Piper Sandler reduced their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Bank of America boosted their price objective on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, Rocket Companies presently has an average rating of “Hold” and a consensus price target of $13.85.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted 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 worth $6,060,000 after purchasing an additional 280,847 shares in the last quarter. Virtu Financial LLC boosted its stake in Rocket Companies by 22.1% in the third quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock worth $310,000 after buying an additional 2,925 shares in the last quarter. Geode Capital Management LLC grew its position in Rocket Companies by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after acquiring an additional 12,735 shares during the last quarter. Barclays PLC raised its stake in shares of Rocket Companies by 136.2% during the third quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after acquiring an additional 137,441 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Rocket Companies in the 3rd quarter worth approximately $1,486,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Down 2.2 %

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 stock’s 50 day moving average price is $13.30 and its 200-day moving average price is $15.90. The company has a market cap of $21.10 billion, a PE ratio of -66.13 and a beta of 2.42.

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