Piper Sandler Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price target decreased by investment analysts at Piper Sandler from $17.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 13.23% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Barclays cut their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Morgan Stanley began coverage on Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 target price for the company. Deutsche Bank Aktiengesellschaft lifted their price target 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. Finally, UBS Group upped their price target on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a report on Monday, September 16th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $14.73.

Rocket Companies Price Performance

NYSE RKT opened at $14.13 on Thursday. The company has a 50 day simple moving average of $17.78 and a 200-day simple moving average of $16.27. Rocket Companies has a 52-week low of $8.39 and a 52-week high of $21.38. The firm has a market capitalization of $28.11 billion, a price-to-earnings ratio of -88.31 and a beta of 2.46. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies during the third quarter valued at $39,000. Blue Trust Inc. bought a new position in Rocket Companies during the 2nd quarter valued at about $61,000. Quarry LP boosted its position in Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after buying an additional 3,899 shares in the last quarter. EntryPoint Capital LLC bought a new stake in Rocket Companies during the first quarter worth about $77,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Rocket Companies during the third quarter worth approximately $120,000. 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.