Rocket Companies, Inc. (NYSE:RKT) Receives Average Rating of “Reduce” from Analysts

Rocket Companies, Inc. (NYSE:RKT) has been assigned an average rating of “Reduce” from the twelve research firms that are currently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $15.15.

A number of equities research analysts recently commented on the stock. Morgan Stanley assumed coverage on shares of Rocket Companies in a research report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective for the company. UBS Group lifted their price target on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Wedbush lifted their price target on shares of Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, Wells Fargo & Company lifted their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $15.87 on Friday. 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 company has a market cap of $31.57 billion, a P/E ratio of 226.75 and a beta of 2.46. Rocket Companies has a 52 week low of $7.85 and a 52 week high of $21.38. The company has a 50-day moving average price of $18.06 and a 200 day moving average price of $16.19.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RKT. Lakeshore Financial Planning Inc. grew its stake in Rocket Companies by 8.0% in the 2nd quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after acquiring an additional 1,000 shares during the period. Wedmont Private Capital grew its stake in Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after acquiring an additional 1,305 shares during the period. Arizona State Retirement System grew its stake in Rocket Companies by 6.0% in the 2nd 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 acquired a new position in shares of Rocket Companies in the 3rd quarter valued at $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 valued at $428,000 after purchasing an additional 2,064 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other 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.