Morgan Stanley Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price cut by equities research analysts at Morgan Stanley from $16.00 to $13.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 9.98% from the stock’s current price.

Several other research firms have also issued reports on RKT. Bank of America increased their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th. Wedbush reiterated a “neutral” rating and issued a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Royal Bank of Canada lowered their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Barclays reduced their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. Finally, Piper Sandler lowered their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Six research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and a consensus price target of $13.92.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $11.82 on Thursday. The stock has a market capitalization of $23.58 billion, a PE ratio of -73.88 and a beta of 2.38. Rocket Companies has a fifty-two week low of $10.87 and a fifty-two week high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The business has a fifty day moving average price of $14.77 and a two-hundred day moving average price of $16.16.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.01) earnings per share. As a group, equities analysts predict that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RKT. Capital Performance Advisors LLP bought a new stake in Rocket Companies during the 3rd quarter worth approximately $39,000. Quarry LP lifted its holdings in shares of Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after purchasing an additional 3,899 shares during the period. Blue Trust Inc. bought a new stake in shares of Rocket Companies in the second quarter worth $61,000. V Square Quantitative Management LLC bought a new stake in shares of Rocket Companies in the third quarter worth $120,000. Finally, International Assets Investment Management LLC increased its holdings in Rocket Companies by 3,429.7% in the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after purchasing an additional 7,168 shares during the period. 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.