Rocket Companies (NYSE:RKT) Price Target Lowered to $14.00 at The Goldman Sachs Group

Rocket Companies (NYSE:RKT) had its price objective decreased by investment analysts at The Goldman Sachs Group from $16.00 to $14.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 33.84% from the company’s current price.

A number of other equities research analysts have also issued reports on RKT. Royal Bank of Canada cut 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. Piper Sandler cut their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Keefe, Bruyette & Woods decreased their target price on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a report on Friday, January 3rd. 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 report on Wednesday, November 13th. Finally, UBS Group decreased their price objective on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Thursday, November 14th. Six investment 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 company has a consensus rating of “Hold” and an average target price of $13.85.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $10.46 on Tuesday. Rocket Companies has a 52 week low of $10.27 and a 52 week high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock has a market cap of $20.86 billion, a PE ratio of -65.38 and a beta of 2.42. The company’s 50-day moving average price is $13.19 and its two-hundred day moving average price is $15.86.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The business 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%. The business’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) earnings per share. As a group, sell-side analysts anticipate that Rocket Companies will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Rocket Companies by 44.7% during 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 last quarter. Renaissance Technologies LLC lifted its stake in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares during the last quarter. Geode Capital Management LLC grew its position in Rocket Companies by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after acquiring an additional 12,735 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rocket Companies by 7.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after purchasing an additional 72,308 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Rocket Companies during the 2nd quarter valued at $10,811,000. 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.