UBS Group Cuts Rocket Companies (NYSE:RKT) Price Target to $12.50

Rocket Companies (NYSE:RKT) had its price objective trimmed by UBS Group from $14.00 to $12.50 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a sell rating on the stock.

RKT has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Wedbush reissued a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Morgan Stanley initiated coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target on the stock. Piper Sandler lowered their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Price Performance

Shares of RKT opened at $13.60 on Thursday. The firm has a market capitalization of $27.06 billion, a PE ratio of -85.00 and a beta of 2.46. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The company’s fifty day moving average price is $17.54 and its 200-day moving average price is $16.31.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.01) earnings per share. On average, equities research analysts predict that Rocket Companies will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Swiss National Bank raised its position in shares of Rocket Companies by 4.1% in the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock worth $3,448,000 after acquiring an additional 9,300 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in shares of Rocket Companies in the first quarter worth about $2,698,000. Raymond James & Associates raised its position in shares of Rocket Companies by 48.7% during the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after purchasing an additional 98,397 shares during the last quarter. Philip James Wealth Mangement LLC acquired a new position in shares of Rocket Companies during the 3rd quarter worth about $6,811,000. Finally, Entropy Technologies LP acquired a new position in shares of Rocket Companies during the 3rd quarter worth about $875,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.