Keefe, Bruyette & Woods Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price target lowered by Keefe, Bruyette & Woods from $20.00 to $16.00 in a research note released on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley assumed coverage on shares of Rocket Companies in a research note on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target on the stock. UBS Group increased their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research report on Monday, September 16th. Wells Fargo & Company increased their price objective on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Bank of America increased their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Finally, Wedbush reissued a “neutral” rating and issued a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Stock Performance

NYSE:RKT opened at $13.60 on Thursday. The company has a quick ratio of 13.18, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market cap of $27.06 billion, a P/E ratio of -85.00 and a beta of 2.46. Rocket Companies has a fifty-two week low of $8.81 and a fifty-two week high of $21.38. The firm’s 50 day moving average is $17.54 and its two-hundred day moving average is $16.31.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm posted ($0.01) earnings per share. Analysts expect that Rocket Companies will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank grew its holdings in Rocket Companies by 4.1% during the 1st quarter. Swiss National Bank now owns 237,000 shares of the company’s stock worth $3,448,000 after acquiring an additional 9,300 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Rocket Companies during the 1st quarter worth $2,698,000. Raymond James & Associates grew its holdings in Rocket Companies by 48.7% during the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after acquiring an additional 98,397 shares in the last quarter. Philip James Wealth Mangement LLC acquired a new position in Rocket Companies during the 3rd quarter worth $6,811,000. Finally, Entropy Technologies LP acquired a new position in Rocket Companies during the 3rd quarter worth $875,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.