Rocket Companies (NYSE:RKT) Trading Down 6.9% – Here’s What Happened

Shares of Rocket Companies, Inc. (NYSE:RKT) were down 6.9% during trading on Wednesday . The stock traded as low as $11.71 and last traded at $11.91. Approximately 1,579,661 shares changed hands during trading, a decline of 47% from the average daily volume of 2,999,346 shares. The stock had previously closed at $12.80.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RKT shares. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. 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 for the company in a research note on Wednesday, November 13th. Bank of America lifted their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Barclays reduced their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Finally, UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Five analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, Rocket Companies presently has an average rating of “Hold” and a consensus target price of $13.50.

Rocket Companies Stock Performance

The firm has a market cap of $24.52 billion, a price-to-earnings ratio of -76.59 and a beta of 2.43. 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’s 50 day moving average is $11.92 and its 200 day moving average is $15.51.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $647.00 million during 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% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) EPS. Analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of the business. Boston Partners raised its stake in Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after purchasing an additional 2,829,292 shares in the last quarter. State Street Corp raised its position in shares of Rocket Companies by 44.7% in the third 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock valued at $140,976,000 after buying an additional 431,054 shares during the period. Philip James Wealth Mangement LLC acquired a new stake in Rocket Companies during the third quarter worth approximately $6,811,000. Finally, Bruni J V & Co. Co. increased its stake in Rocket Companies by 21.2% during the 4th quarter. Bruni J V & Co. Co. now owns 1,860,060 shares of the company’s stock worth $20,944,000 after acquiring an additional 324,976 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.