Rocket Companies (NYSE:RKT) Upgraded by UBS Group to Neutral Rating

UBS Group upgraded shares of Rocket Companies (NYSE:RKT) from a sell rating to a neutral rating in a research note issued to investors on Friday morning, MarketBeat reports. UBS Group currently has $11.50 price target on the stock, down from their prior price target of $12.50.

A number of other brokerages have also weighed in on RKT. Barclays cut their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. JPMorgan Chase & Co. reduced 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 note on Monday, December 9th. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a report on Friday, January 3rd. Piper Sandler cut their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, Morgan Stanley decreased their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.77.

Rocket Companies Price Performance

RKT opened at $10.32 on Friday. The stock has a market cap of $20.59 billion, a P/E ratio of -64.50 and a beta of 2.42. Rocket Companies has a 12 month low of $10.22 and a 12 month high of $21.38. 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 fifty day simple moving average of $12.97 and a 200 day simple moving average of $15.80.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting 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 company had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the company earned ($0.01) earnings per share. The company’s revenue for the quarter was down 46.2% compared to the same quarter last year. On average, research analysts expect that Rocket Companies will post 0.16 EPS for the current year.

Institutional Trading of Rocket Companies

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp lifted its position 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 valued at $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Marshall Wace LLP bought a new stake in Rocket Companies in the 2nd quarter valued at $10,811,000. Renaissance Technologies LLC lifted its holdings in Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the last quarter. Philip James Wealth Mangement LLC bought a new position in Rocket Companies during the third quarter worth $6,811,000. Finally, Tidal Investments LLC increased its holdings in shares of 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 last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.