Rocket Companies (NYSE:RKT) Shares Gap Up – Time to Buy?

Shares of Rocket Companies, Inc. (NYSE:RKT) gapped up prior to trading on Wednesday . The stock had previously closed at $11.08, but opened at $12.10. Rocket Companies shares last traded at $11.90, with a volume of 1,910,677 shares.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods decreased their price target on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research note on Friday, January 3rd. The Goldman Sachs Group decreased their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Bank of America lifted their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Finally, Piper Sandler cut their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and a consensus target price of $13.50.

Rocket Companies Price Performance

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 50 day moving average price of $12.67 and a two-hundred day moving average price of $15.76.

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

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in shares of Rocket Companies in the third quarter worth about $39,000. Quarry LP lifted its position in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after buying an additional 3,899 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies in the third quarter worth about $120,000. Blue Trust Inc. lifted its position in shares of Rocket Companies by 54.1% in the third quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock worth $124,000 after buying an additional 2,261 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of 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 worth $142,000 after buying an additional 7,168 shares in the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

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.