Keefe, Bruyette & Woods Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price lowered by analysts at Keefe, Bruyette & Woods from $11.50 to $10.50 in a research note issued on Friday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential downside of 4.37% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada reduced their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 13th. Morgan Stanley reduced their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. UBS Group dropped their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday, November 14th. Piper Sandler decreased their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Wedbush restated a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Price Performance

Rocket Companies stock opened at $10.98 on Friday. Rocket Companies has a 52-week low of $10.78 and a 52-week high of $21.38. The company has a market cap of $21.90 billion, a price-to-earnings ratio of -68.63 and a beta of 2.38. The firm’s fifty day moving average is $13.53 and its 200 day moving average is $15.93. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.01) earnings per share. Sell-side analysts forecast that Rocket Companies will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Rocket Companies by 7.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock worth $428,000 after acquiring an additional 2,064 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in Rocket Companies by 21.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 69,645 shares of the company’s stock worth $954,000 after purchasing an additional 12,397 shares in the last quarter. Rhumbline Advisers increased its stake in Rocket Companies by 5.6% during the 2nd quarter. Rhumbline Advisers now owns 128,232 shares of the company’s stock valued at $1,757,000 after purchasing an additional 6,802 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of 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 buying an additional 1,979 shares during the period. Finally, Oak Thistle LLC purchased a new stake in shares of Rocket Companies during the second quarter valued at $299,000. 4.59% of the stock is currently owned by institutional investors.

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.