Royal Bank of Canada Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price decreased by research analysts at Royal Bank of Canada from $20.00 to $18.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 29.31% from the company’s current price.

A number of other research analysts have also weighed in on the stock. Wedbush reiterated a “neutral” rating and issued a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research note on Wednesday. Morgan Stanley started coverage on shares of Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target for the company. Bank of America boosted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Finally, UBS Group boosted 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. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus target price of $14.48.

Rocket Companies Price Performance

Rocket Companies stock traded down $1.62 during mid-day trading on Wednesday, reaching $13.92. The company’s stock had a trading volume of 4,822,684 shares, compared to its average volume of 2,851,002. Rocket Companies has a 12-month low of $8.39 and a 12-month high of $21.38. 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’s fifty day moving average price is $17.90 and its two-hundred day moving average price is $16.28.

Institutional Trading of Rocket Companies

Several hedge funds have recently added to or reduced their stakes in RKT. Boston Partners raised its stake in Rocket Companies by 4.2% in 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 grew its holdings in shares of Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after buying an additional 510,400 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Rocket Companies by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after buying an additional 72,308 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Rocket Companies during the second quarter valued at approximately $10,811,000. Finally, Greylin Investment Management Inc grew its holdings in shares of Rocket Companies by 45.7% during the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after buying an additional 111,563 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

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.