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

Rocket Companies (NYSE:RKT) had its price objective cut by equities research analysts at UBS Group from $14.00 to $12.50 in a report released on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. UBS Group’s price objective would suggest a potential downside of 8.09% from the company’s previous close.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Royal Bank of Canada cut their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Morgan Stanley assumed coverage on Rocket Companies in a research note on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price objective for the company. Wedbush reissued 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. Finally, Wells Fargo & Company boosted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies Price Performance

Shares of RKT stock opened at $13.60 on Thursday. The stock’s fifty day simple moving average is $17.54 and its 200 day simple moving average is $16.26. Rocket Companies has a one year low of $8.81 and a one year high of $21.38. The firm has a market cap of $27.06 billion, a price-to-earnings ratio of -85.00 and a beta of 2.46. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting 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 analysts’ expectations of $1.25 billion. During the same quarter last year, the company posted ($0.01) EPS. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. On average, analysts expect that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. State Street Corp lifted its stake in shares of Rocket Companies by 44.7% during the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Marshall Wace LLP bought a new position in Rocket Companies in the 2nd quarter valued at about $10,811,000. Renaissance Technologies LLC lifted its position in Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after acquiring an additional 510,400 shares during the last quarter. Boston Partners lifted its position in Rocket Companies by 4.2% during the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after acquiring an additional 381,841 shares during the last quarter. Finally, Philip James Wealth Mangement LLC bought a new stake in shares of Rocket Companies during the third quarter worth approximately $6,811,000. 4.59% of the stock is owned by institutional investors.

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.