UBS Group Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price reduced by research analysts at UBS Group from $14.00 to $12.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sell” rating on the stock. UBS Group’s price target points to a potential downside of 8.09% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company boosted their price target on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays reduced 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. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Piper Sandler lowered their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Bank of America lifted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Stock Performance

NYSE RKT opened at $13.60 on Thursday. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. The business has a 50 day moving average price of $17.54 and a 200 day moving average price of $16.26. The company has a market capitalization of $27.06 billion, a P/E ratio of -85.00 and a beta of 2.46.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the business earned ($0.01) earnings per share. The company’s quarterly revenue was down 46.2% on a year-over-year basis. Sell-side analysts expect that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Hedge funds have recently modified their holdings of the business. State Street Corp increased its stake in Rocket Companies by 44.7% in the 3rd 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 period. Marshall Wace LLP acquired a new stake in shares of Rocket Companies in the 2nd quarter valued at $10,811,000. Renaissance Technologies LLC boosted its holdings in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after purchasing an additional 510,400 shares in the last quarter. Boston Partners increased its position in Rocket Companies by 4.2% during the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after buying an additional 381,841 shares during the last quarter. Finally, Philip James Wealth Mangement LLC acquired a new stake in shares of Rocket Companies in the third quarter worth about $6,811,000. 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.