UBS Group Cuts Rocket Companies (NYSE:RKT) Price Target to $12.50

Rocket Companies (NYSE:RKT) had its price objective decreased by UBS Group from $14.00 to $12.50 in a research note published on Thursday morning,Benzinga reports. UBS Group currently has a sell rating on the stock.

A number of other research analysts have also recently issued reports on the company. Bank of America lifted their price objective on Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Barclays dropped 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. Wedbush reaffirmed a “neutral” rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Finally, Morgan Stanley initiated coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective for the company. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $13.60 on Thursday. Rocket Companies has a 1 year low of $8.81 and a 1 year high of $21.38. The company has a 50-day moving average of $17.54 and a 200 day moving average of $16.29. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51.

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 analysts’ consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned ($0.01) earnings per share. The business’s revenue for the quarter was down 46.2% on a year-over-year basis. As a group, analysts anticipate that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Boston Partners increased its position in shares of Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after purchasing an additional 381,841 shares during the last quarter. State Street Corp grew its position in Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after buying an additional 1,269,795 shares during the period. Renaissance Technologies LLC increased its holdings 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 buying an additional 510,400 shares during the last quarter. Geode Capital Management LLC raised its position in Rocket Companies by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after acquiring an additional 12,735 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Rocket Companies by 7.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after acquiring an additional 72,308 shares during the period. Institutional investors 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.