Rocket Companies (NYSE:RKT) Price Target Cut to $12.50 by Analysts at UBS Group

Rocket Companies (NYSE:RKT) had its price target lowered by UBS Group from $14.00 to $12.50 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a sell rating on the stock.

RKT has been the subject of several other research reports. Royal Bank of Canada cut their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday. Wedbush reiterated a “neutral” rating and set a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday. Barclays lowered their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Piper Sandler cut their target price on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Bank of America increased their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Price Performance

RKT opened at $13.60 on Thursday. The company has a 50 day simple moving average of $17.54 and a two-hundred day simple moving average of $16.29. 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 has a 1-year low of $8.81 and a 1-year high of $21.38.

Rocket Companies (NYSE:RKT) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company 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%. Rocket Companies’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. As a group, equities analysts anticipate that Rocket Companies will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Swiss National Bank lifted its stake in shares of Rocket Companies by 4.1% in the 1st quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after purchasing an additional 9,300 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Rocket Companies during the 1st quarter valued at $2,698,000. Raymond James & Associates lifted its position in Rocket Companies by 48.7% in the third quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after buying an additional 98,397 shares during the last quarter. Philip James Wealth Mangement LLC purchased a new position in Rocket Companies during the third quarter worth $6,811,000. Finally, Entropy Technologies LP purchased a new position in Rocket Companies during the third quarter worth $875,000. 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.