Keefe, Bruyette & Woods Reiterates “Underperform” Rating for Rocket Companies (NYSE:RKT)

Rocket Companies (NYSE:RKT)‘s stock had its “underperform” rating restated by equities researchers at Keefe, Bruyette & Woods in a research report issued on Tuesday, MarketBeat.com reports. They currently have a $11.50 target price on the stock, down from their previous target price of $16.00. Keefe, Bruyette & Woods’ price target suggests a potential downside of 13.66% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. UBS Group cut their target price on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Thursday, November 14th. Piper Sandler lowered 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. Morgan Stanley assumed coverage on Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a research report on Monday. Finally, Royal Bank of Canada reduced their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.33.

Rocket Companies Trading Down 1.8 %

Shares of RKT stock opened at $13.32 on Tuesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The stock has a market capitalization of $26.57 billion, a price-to-earnings ratio of -83.25 and a beta of 2.38. Rocket Companies has a 1 year low of $10.35 and a 1 year high of $21.38. The company’s fifty day simple moving average is $15.93 and its two-hundred day simple moving average is $16.31.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million for 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.01) EPS. As a group, analysts anticipate that Rocket Companies will post 0.16 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC boosted its position in shares of Rocket Companies by 140.5% in the 2nd quarter. CWM LLC now owns 14,486 shares of the company’s stock worth $198,000 after buying an additional 8,462 shares in the last quarter. Wedmont Private Capital lifted its stake in Rocket Companies by 34.1% in the 2nd quarter. Wedmont Private Capital now owns 14,632 shares of the company’s stock valued at $210,000 after buying an additional 3,718 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Rocket Companies by 27.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 19,800 shares of the company’s stock valued at $271,000 after buying an additional 4,250 shares during the last quarter. Blue Trust Inc. purchased a new position in Rocket Companies during the second quarter worth $61,000. Finally, Raymond James & Associates lifted its position in shares of Rocket Companies by 4.3% in the second quarter. Raymond James & Associates now owns 202,215 shares of the company’s stock valued at $2,770,000 after acquiring an additional 8,278 shares in the last quarter. Institutional investors and hedge funds 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.