Rocket Companies (NYSE:RKT) Sets New 52-Week Low - Here's Why

Rocket Companies, Inc. (NYSE:RKT - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $10.19 and last traded at $10.19, with a volume of 3322 shares trading hands. The stock had previously closed at $10.28.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RKT shares. Piper Sandler reduced their target price on shares of Rocket Companies from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Thursday, November 14th. UBS Group raised Rocket Companies from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $12.50 to $11.50 in a report on Friday. Wedbush restated a "neutral" rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Royal Bank of Canada decreased their price objective on Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lowered their price objective on Rocket Companies from $19.00 to $14.00 and set an "underweight" rating on the stock in a research note on Monday, December 9th. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of "Hold" and an average target price of $13.77.

Rocket Companies Trading Up 1.2 %

The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a 50-day moving average of $12.85 and a 200-day moving average of $15.81. The firm has a market capitalization of $20.75 billion, a P/E ratio of -65.00 and a beta of 2.42.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.08. The business 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 company's revenue was down 46.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) EPS. On average, equities research analysts anticipate that Rocket Companies, Inc. will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings 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 valued at $78,836,000 after purchasing an additional 1,269,795 shares during the last quarter. Marshall Wace LLP bought a new position in Rocket Companies during the 2nd quarter valued at approximately $10,811,000. Renaissance Technologies LLC raised its stake in 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. Philip James Wealth Mangement LLC bought a new stake in Rocket Companies in the third quarter worth $6,811,000. Finally, Tidal Investments LLC boosted its holdings in Rocket Companies by 804.3% in the third 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. Hedge funds and other institutional investors own 4.59% of the company's stock.

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.