Piper Sandler Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective dropped by research analysts at Piper Sandler from $17.00 to $16.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 17.65% from the stock’s previous close.

RKT has been the subject of a number of other reports. Royal Bank of Canada reduced their price objective 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. Morgan Stanley initiated coverage on Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective on the stock. UBS Group raised their target price on Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research report on Monday, September 16th. Barclays dropped their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday. Finally, Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a report on Monday, August 5th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies Stock Performance

RKT opened at $13.60 on Thursday. The stock has a market cap of $27.06 billion, a P/E ratio of -85.00 and a beta of 2.46. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. The firm has a fifty day moving average price of $17.54 and a 200 day moving average price of $16.26. Rocket Companies has a 1 year low of $8.81 and a 1 year high of $21.38.

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 firm had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business earned ($0.01) EPS. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. Equities research analysts anticipate that Rocket Companies will post 0.22 earnings per share for the current year.

Institutional Trading of Rocket Companies

Several hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Rocket Companies during the 3rd quarter worth about $39,000. Quarry LP boosted its holdings in shares of Rocket Companies by 858.8% in the 2nd 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. Blue Trust Inc. purchased a new position in shares of Rocket Companies during the second quarter worth about $61,000. EntryPoint Capital LLC acquired a new position in Rocket Companies during the first quarter worth approximately $77,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Rocket Companies in the 3rd quarter valued at $120,000. Hedge funds and other institutional investors 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.