Rocket Companies (NYSE:RKT) Hits New 1-Year Low – Should You Sell?

Rocket Companies, Inc. (NYSE:RKT)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $10.19 and last traded at $10.19, with a volume of 3322 shares trading hands. The stock had previously closed at $10.28.

Analyst Upgrades and Downgrades

RKT has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday. The Goldman Sachs Group cut their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their price target for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Bank of America raised their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th. Finally, Wedbush restated a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $13.50.

Rocket Companies Trading Up 6.7 %

The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market cap of $22.18 billion, a price-to-earnings ratio of -69.50 and a beta of 2.42. The business’s fifty day moving average is $12.75 and its two-hundred day moving average is $15.79.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million during the quarter, compared to analyst estimates 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 for the quarter was down 46.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. Equities analysts anticipate that Rocket Companies, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

A number of institutional investors have recently bought and sold shares of RKT. State Street Corp grew its holdings in 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 acquiring an additional 1,269,795 shares during the period. Marshall Wace LLP acquired a new stake in Rocket Companies during the 2nd quarter worth $10,811,000. Renaissance Technologies LLC grew its holdings in Rocket Companies by 26.1% during the 2nd 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 period. Philip James Wealth Mangement LLC acquired a new stake in Rocket Companies during the 3rd quarter worth $6,811,000. Finally, Tidal Investments LLC grew its holdings in 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 acquiring an additional 280,847 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.