Brokerages Set Rocket Companies, Inc. (NYSE:RKT) PT at $13.50

Rocket Companies, Inc. (NYSE:RKT) has been assigned a consensus recommendation of “Reduce” from the thirteen research firms that are presently covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $13.50.

A number of brokerages recently issued reports on RKT. Barclays dropped their target price 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. Morgan Stanley dropped their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Wedbush reiterated a “neutral” rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Bank of America boosted their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Finally, Piper Sandler reduced their price objective 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.

Rocket Companies Trading Up 0.9 %

Shares of NYSE:RKT opened at $11.98 on Friday. 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 is $12.42 and its 200-day moving average is $15.74. The company has a market cap of $23.89 billion, a P/E ratio of -74.86 and a beta of 2.42. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38.

Rocket Companies (NYSE:RKT) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s revenue for the quarter was down 46.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.01) EPS. Equities research analysts predict that Rocket Companies will post 0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its holdings in shares of Rocket Companies by 5.6% in the 2nd 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. Renaissance Technologies LLC boosted its position in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after buying an additional 510,400 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Rocket Companies during the second quarter worth about $1,040,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Rocket Companies by 39.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,565 shares of the company’s stock worth $295,000 after buying an additional 6,070 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its stake in shares of Rocket Companies by 13.5% in the second quarter. First Eagle Investment Management LLC now owns 50,540 shares of the company’s stock valued at $692,000 after acquiring an additional 6,000 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.