Wedbush Reiterates “Neutral” Rating for Rocket Companies (NYSE:RKT)

Wedbush reaffirmed their neutral rating on shares of Rocket Companies (NYSE:RKT) in a research report report published on Wednesday,RTT News reports. The firm currently has a $13.00 target price on the stock, down from their previous target price of $18.00.

Several other analysts have also recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. UBS Group raised their price objective on Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Morgan Stanley began coverage on Rocket Companies in a report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Finally, Barclays boosted their price objective on shares of Rocket Companies from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, October 8th. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies has a consensus rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.60 on Wednesday. The company’s fifty day simple moving average is $17.54 and its two-hundred day simple moving average is $16.29. Rocket Companies has a 52 week low of $8.81 and a 52 week high of $21.38. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share 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%. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. As a group, research analysts predict that Rocket Companies will post 0.22 EPS for the current year.

Institutional Trading of Rocket Companies

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in Rocket Companies by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after purchasing an additional 12,735 shares during the period. Barclays PLC increased its stake in shares of Rocket Companies by 136.2% during the third quarter. Barclays PLC now owns 238,323 shares of the company’s stock valued at $4,573,000 after buying an additional 137,441 shares during the period. XTX Topco Ltd bought a new stake in shares of Rocket Companies in the third quarter valued at about $1,486,000. National Bank of Canada FI lifted its stake in Rocket Companies by 6,932.4% in the third quarter. National Bank of Canada FI now owns 145,922 shares of the company’s stock worth $2,800,000 after acquiring an additional 143,847 shares during the period. Finally, State Street Corp grew its holdings in Rocket Companies by 44.7% during the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after acquiring an additional 1,269,795 shares in the last quarter. Hedge funds and other institutional investors 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.