Rocket Companies (NYSE:RKT) Earns “Neutral” Rating from Wedbush

Rocket Companies (NYSE:RKT)‘s stock had its “neutral” rating reiterated by equities research analysts at Wedbush in a research report issued on Wednesday,RTT News reports. They presently have a $13.00 target price on the stock, down from their prior target price of $18.00. Wedbush’s target price points to a potential downside of 4.80% from the company’s previous close.

RKT has been the subject of a number of other research reports. Bank of America lifted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Royal Bank of Canada lifted their price objective on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 11th. Barclays increased their target price on Rocket Companies from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, October 8th. Morgan Stanley began coverage on Rocket Companies in a report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. raised their target price on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.66 on Wednesday. Rocket Companies has a 52 week low of $8.81 and a 52 week high of $21.38. The firm has a 50 day moving average of $17.78 and a two-hundred day moving average of $16.27. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. Rocket Companies’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.01) EPS. On average, equities analysts predict that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in shares of Rocket Companies in the 3rd quarter worth approximately $39,000. Blue Trust Inc. acquired a new stake in Rocket Companies in the second quarter valued at $61,000. Quarry LP increased its position in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after buying an additional 3,899 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Rocket Companies during the 1st quarter worth $77,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies in the 3rd quarter worth about $120,000. 4.59% of the stock is currently 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.