Rocket Companies (NYSE:RKT) Stock Price Down 3.7% – What’s Next?

Rocket Companies, Inc. (NYSE:RKT)’s stock price fell 3.7% during trading on Monday . The company traded as low as $17.13 and last traded at $17.34. 698,940 shares were traded during mid-day trading, a decline of 75% from the average session volume of 2,785,486 shares. The stock had previously closed at $18.01.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RKT shares. Barclays increased their price target on Rocket Companies from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Royal Bank of Canada increased their target price on Rocket Companies from $16.00 to $20.00 and gave the company a “sector perform” rating in a research report on Wednesday, September 11th. Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Five investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.89.

Rocket Companies Price Performance

The company has a market cap of $33.15 billion, a PE ratio of 154.00 and a beta of 2.44. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The firm has a 50 day simple moving average of $19.02 and a 200-day simple moving average of $15.83.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the firm posted ($0.05) earnings per share. The business’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, research analysts predict that Rocket Companies, Inc. will post 0.23 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Rocket Companies by 10.4% in the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after acquiring an additional 1,101,325 shares during the period. Boston Partners grew its holdings in shares of Rocket Companies by 4.2% during the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after buying an additional 381,841 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after buying an additional 510,400 shares in the last quarter. Marshall Wace LLP acquired a new position in Rocket Companies during the second quarter worth about $10,811,000. Finally, Greylin Investment Management Inc raised its holdings in Rocket Companies by 45.7% in the 2nd quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after acquiring an additional 111,563 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

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.