Keefe, Bruyette & Woods Reiterates "Underperform" Rating for Rocket Companies (NYSE:RKT)

Rocket Companies (NYSE:RKT - Get Free Report)'s stock had its "underperform" rating reissued by investment analysts at Keefe, Bruyette & Woods in a research report issued on Tuesday, MarketBeat Ratings reports. They currently have a $11.50 price objective on the stock, down from their prior price objective of $16.00. Keefe, Bruyette & Woods' price objective indicates a potential downside of 8.59% from the stock's previous close.

A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. decreased their price target on Rocket Companies from $19.00 to $14.00 and set an "underweight" rating on the stock in a research note on Monday. Barclays decreased their target price on Rocket Companies from $14.00 to $13.00 and set an "underweight" rating on the stock in a research note on Wednesday, November 13th. Bank of America raised their target price on Rocket Companies from $14.00 to $15.00 and gave the company an "underperform" rating in a report on Thursday, November 14th. Royal Bank of Canada cut their price target on shares of Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating on the stock in a research note on Wednesday, November 13th. Finally, UBS Group lowered their price objective on shares of Rocket Companies from $14.00 to $12.50 and set a "sell" rating for the company in a research note on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.33.

Rocket Companies Trading Down 5.6 %

RKT traded down $0.74 on Tuesday, hitting $12.58. The company had a trading volume of 3,248,035 shares, compared to its average volume of 2,897,208. The company's fifty day moving average price is $15.81 and its 200 day moving average price is $16.30. Rocket Companies has a 1 year low of $10.35 and a 1 year high of $21.38. 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 firm has a market cap of $25.09 billion, a P/E ratio of -78.63 and a beta of 2.38.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm earned ($0.01) EPS. The business's revenue was down 46.2% on a year-over-year basis. As a group, equities analysts expect that Rocket Companies will post 0.16 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently modified their holdings of the company. State Street Corp grew its stake in shares of Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company's stock worth $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Rocket Companies during the 2nd quarter worth about $10,811,000. Renaissance Technologies LLC boosted its position in shares of Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company's stock worth $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Philip James Wealth Mangement LLC purchased a new position in shares of Rocket Companies in the 3rd quarter valued at about $6,811,000. Finally, Tidal Investments LLC raised its position in shares of Rocket Companies by 804.3% during the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company's stock worth $6,060,000 after acquiring an additional 280,847 shares in 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.