Rocket Companies (NYSE:RKT) Upgraded by UBS Group to “Neutral” Rating

Rocket Companies (NYSE:RKT) was upgraded by equities researchers at UBS Group from a “sell” rating to a “neutral” rating in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage currently has a $11.50 target price on the stock. UBS Group’s price objective would indicate a potential upside of 11.54% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Piper Sandler reduced their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. The Goldman Sachs Group cut their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday. Wedbush reiterated a “neutral” rating and set a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Bank of America raised their price objective on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a research report on Monday, December 9th. Five analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.77.

Rocket Companies Price Performance

NYSE:RKT traded down $0.14 during mid-day trading on Friday, reaching $10.31. The stock had a trading volume of 294,007 shares, compared to its average volume of 2,320,284. The stock has a 50-day simple moving average of $13.07 and a two-hundred day simple moving average of $15.83. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a 12 month low of $10.27 and a 12 month high of $21.38. The stock has a market capitalization of $20.57 billion, a PE ratio of -64.44 and a beta of 2.42.

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

Institutional Trading of Rocket Companies

A number of institutional investors have recently bought and sold shares of RKT. State Street Corp lifted its stake in shares of Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after purchasing an additional 1,269,795 shares during the period. Marshall Wace LLP bought a new stake in Rocket Companies in the second quarter worth approximately $10,811,000. Renaissance Technologies LLC lifted its stake 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 during the period. Philip James Wealth Mangement LLC bought a new position in shares of Rocket Companies during the 3rd quarter worth approximately $6,811,000. Finally, Tidal Investments LLC grew its position in shares of Rocket Companies by 804.3% during the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock worth $6,060,000 after buying an additional 280,847 shares during the period. Institutional investors own 4.59% of the company’s stock.

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.