Rocket Companies (NYSE:RKT) Trading Down 6.9% – What’s Next?

Shares of Rocket Companies, Inc. (NYSE:RKT) were down 6.9% during trading on Wednesday . The stock traded as low as $11.71 and last traded at $11.91. Approximately 1,579,661 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 2,999,346 shares. The stock had previously closed at $12.80.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Royal Bank of Canada dropped 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 research report on Wednesday, November 13th. JPMorgan Chase & Co. cut their target price on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. Wedbush reiterated a “neutral” rating and issued a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Barclays dropped their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group decreased their target price on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and an average target price of $13.50.

Rocket Companies Trading Down 3.9 %

The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $24.52 billion, a price-to-earnings ratio of -76.59 and a beta of 2.43. The firm’s 50-day moving average is $11.92 and its 200 day moving average is $15.51.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The firm had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned ($0.01) earnings per share. The company’s revenue for the quarter was down 46.2% on a year-over-year basis. On average, equities analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new stake in shares of Rocket Companies in the 3rd quarter valued at about $39,000. KBC Group NV boosted its holdings in Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Rocket Companies in the third quarter valued at approximately $120,000. Blue Trust Inc. increased its position in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after purchasing an additional 2,261 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Rocket Companies by 3,429.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after purchasing an additional 7,168 shares during the last quarter. 4.59% of the stock is owned by 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.