Keefe, Bruyette & Woods Lowers Rocket Companies (NYSE:RKT) Price Target to $16.00

Rocket Companies (NYSE:RKT) had its price target cut by Keefe, Bruyette & Woods from $20.00 to $16.00 in a report published on Thursday morning,Benzinga reports. They currently have a market perform rating on the stock.

A number of other brokerages have also weighed in on RKT. Wedbush reissued 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. Morgan Stanley began coverage on Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Piper Sandler cut their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Royal Bank of Canada lowered their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies Trading Down 0.4 %

Rocket Companies stock opened at $13.60 on Thursday. The stock has a 50-day moving average price of $17.54 and a 200 day moving average price of $16.29. Rocket Companies has a 52 week low of $8.81 and a 52 week high of $21.38. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million during 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%. The company’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.01) earnings per share. 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 institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Boston Partners increased its position in shares of 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. State Street Corp grew its stake in Rocket Companies by 44.7% during 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 in the last quarter. Renaissance Technologies LLC increased 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 purchasing an additional 510,400 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rocket Companies by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after purchasing an additional 12,735 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rocket Companies by 7.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after buying an additional 72,308 shares during the last quarter. 4.59% of the stock is 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.