Keefe, Bruyette & Woods Lowers Rocket Companies (NYSE:RKT) Price Target to $10.50

Rocket Companies (NYSE:RKT) had its target price dropped by research analysts at Keefe, Bruyette & Woods from $11.50 to $10.50 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ target price would suggest a potential downside of 4.37% from the company’s previous close.

Several other research firms have also commented on RKT. UBS Group dropped their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Thursday, November 14th. JPMorgan Chase & Co. lowered their price target on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a research report on Monday, December 9th. Piper Sandler decreased their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Barclays cut their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Finally, Morgan Stanley dropped their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Price Performance

NYSE:RKT opened at $10.98 on Friday. The firm’s fifty day moving average is $13.53 and its two-hundred day moving average is $15.93. The firm has a market cap of $21.90 billion, a price-to-earnings ratio of -68.63 and a beta of 2.38. Rocket Companies has a one year low of $10.78 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the business earned ($0.01) earnings per share. Rocket Companies’s quarterly revenue was down 46.2% on a year-over-year basis. Research analysts expect that Rocket Companies will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. State Street Corp raised its holdings in Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after buying an additional 1,269,795 shares during the period. Renaissance Technologies LLC lifted its stake 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 purchasing an additional 510,400 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Rocket Companies by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after buying an additional 12,735 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Rocket Companies by 7.5% in 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 period. Finally, Marshall Wace LLP acquired a new position in Rocket Companies during the 2nd quarter worth about $10,811,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.