Rocket Companies (NYSE:RKT) Price Target Lowered to $13.00 at Morgan Stanley

Rocket Companies (NYSE:RKT) had its price target decreased by research analysts at Morgan Stanley from $16.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 12.07% from the stock’s previous close.

A number of other analysts also recently issued reports on RKT. Wedbush reiterated a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research report on Monday, December 9th. UBS Group decreased their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Barclays dropped their price objective 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, Bank of America increased their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.92.

Rocket Companies Price Performance

NYSE:RKT traded up $0.02 during mid-day trading on Thursday, hitting $11.60. 2,482,662 shares of the stock traded hands, compared to its average volume of 2,906,214. The business’s 50-day moving average price is $15.01 and its 200 day moving average price is $16.21. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market cap of $23.14 billion, a PE ratio of -72.50 and a beta of 2.38. Rocket Companies has a 12-month low of $10.87 and a 12-month high of $21.38.

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

Institutional Investors Weigh In On Rocket Companies

Large investors have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies during the third quarter valued at approximately $39,000. Quarry LP raised its holdings in Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after purchasing an additional 3,899 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Rocket Companies in the 2nd quarter worth about $61,000. V Square Quantitative Management LLC bought a new stake in shares of Rocket Companies during the 3rd quarter valued at about $120,000. Finally, International Assets Investment Management LLC increased its position in shares of Rocket Companies by 3,429.7% during the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after buying an additional 7,168 shares during the period. 4.59% of the stock is currently owned by institutional investors.

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.