Rocket Companies (NYSE:RKT) Trading Down 3.3% – Should You Sell?

Rocket Companies, Inc. (NYSE:RKT)’s stock price was down 3.3% during trading on Tuesday . The stock traded as low as $10.96 and last traded at $10.98. Approximately 1,291,716 shares changed hands during trading, a decline of 56% from the average daily volume of 2,929,626 shares. The stock had previously closed at $11.35.

Analysts Set New Price Targets

Several brokerages have issued reports on RKT. Barclays decreased their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Wedbush reiterated a “neutral” rating and set a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research report on Monday, December 9th. Bank of America raised their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $11.50 target price (down from $16.00) on shares of Rocket Companies in a research report on Tuesday, December 10th. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, Rocket Companies has an average rating of “Hold” and an average target price of $13.92.

Rocket Companies Stock Performance

The stock has a market capitalization of $22.16 billion, a price-to-earnings ratio of -69.44 and a beta of 2.38. 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 firm has a 50-day moving average of $14.64 and a 200-day moving average of $16.17.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) EPS. As a group, sell-side analysts predict that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wedmont Private Capital increased its stake in shares of Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after purchasing an additional 1,305 shares in the last quarter. Arizona State Retirement System raised its position in Rocket Companies by 6.0% during the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock worth $479,000 after acquiring an additional 1,979 shares during the period. Capital Performance Advisors LLP purchased a new position in Rocket Companies during the third quarter valued at $39,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Rocket Companies by 7.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after purchasing an additional 2,064 shares during the period. Finally, Blue Trust Inc. raised its stake in Rocket Companies by 54.1% in the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after purchasing an additional 2,261 shares during the last quarter. Institutional investors and hedge funds 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.