Rocket Companies (NYSE:RKT) Shares Up 6.9% – What’s Next?

Rocket Companies, Inc. (NYSE:RKT)’s share price shot up 6.9% on Monday . The company traded as high as $12.71 and last traded at $12.85. 733,520 shares changed hands during trading, a decline of 75% from the average session volume of 2,880,729 shares. The stock had previously closed at $12.02.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Royal Bank of Canada decreased their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 13th. Wedbush restated a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. The Goldman Sachs Group reduced their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Barclays reduced their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. Finally, Bank of America lifted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.50.

Rocket Companies Price Performance

The company has a market cap of $26.00 billion, a PE ratio of -81.47 and a beta of 2.42. The firm has a 50 day simple moving average of $12.21 and a 200-day simple moving average of $15.67. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the firm posted ($0.01) EPS. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. As a group, research analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently added to or reduced their stakes in RKT. State Street Corp lifted its stake in shares of Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares in the last quarter. Philip James Wealth Mangement LLC acquired a new position in Rocket Companies in the third quarter valued at about $6,811,000. Tidal Investments LLC raised its position in Rocket Companies by 804.3% in the third quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after purchasing an additional 280,847 shares during the period. Los Angeles Capital Management LLC purchased a new position in Rocket Companies during the 3rd quarter valued at about $3,655,000. Finally, Lincoln Capital Corp purchased a new stake in Rocket Companies during the 4th quarter worth approximately $1,831,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.