Rocket Companies (NYSE:RKT) Hits New 52-Week Low Following Analyst Downgrade

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) shares reached a new 52-week low on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $11.50 to $10.50. Keefe, Bruyette & Woods currently has an underperform rating on the stock. Rocket Companies traded as low as $10.67 and last traded at $10.74, with a volume of 684087 shares trading hands. The stock had previously closed at $10.98.

A number of other analysts have also recently commented on RKT. Morgan Stanley lowered their price target on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Thursday, December 19th. Piper Sandler decreased their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a "neutral" rating for the company in a research note on Thursday, November 14th. UBS Group dropped 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. Royal Bank of Canada decreased their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 13th. Finally, Bank of America upped their price objective on Rocket Companies from $14.00 to $15.00 and gave the company an "underperform" rating in a report on Thursday, November 14th. Six investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $13.83.

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies during the 3rd quarter worth about $39,000. Quarry LP lifted its stake in Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company's stock worth $60,000 after purchasing an additional 3,899 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Rocket Companies during the third quarter valued at about $120,000. Blue Trust Inc. raised its holdings in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company's stock worth $124,000 after purchasing an additional 2,261 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Rocket Companies by 3,429.7% in the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company's stock valued at $142,000 after purchasing an additional 7,168 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

Rocket Companies Stock Performance

The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market cap of $21.56 billion, a PE ratio of -67.56 and a beta of 2.38. The company has a 50-day moving average of $13.53 and a 200-day moving average of $15.95.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the previous year, the company earned ($0.01) earnings per share. The business's revenue for the quarter was down 46.2% compared to the same quarter last year. As a group, analysts anticipate that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

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.