Rocket Companies (NYSE:RKT) Price Target Lowered to $16.00 at Piper Sandler

Rocket Companies (NYSE:RKT - Get Free Report) had its price objective decreased by analysts at Piper Sandler from $17.00 to $16.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price objective points to a potential upside of 15.86% from the stock's previous close.

RKT has been the subject of several other reports. Bank of America boosted their price objective on Rocket Companies from $12.00 to $14.00 and gave the stock an "underperform" rating in a report on Thursday, August 29th. Keefe, Bruyette & Woods raised Rocket Companies from an "underperform" rating to a "market perform" rating in a report on Monday, August 5th. Morgan Stanley started coverage on Rocket Companies in a report on Tuesday, November 5th. They set an "equal weight" rating and a $18.00 price objective for the company. Wells Fargo & Company boosted their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada lowered their price target on Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a research note on Wednesday. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $15.13.

Rocket Companies Stock Performance

RKT stock traded down $0.32 on Thursday, reaching $13.81. 3,123,210 shares of the company were exchanged, compared to its average volume of 2,890,974. Rocket Companies has a 12 month low of $8.81 and a 12 month high of $21.38. The stock's fifty day moving average price is $17.78 and its 200 day moving average price is $16.27. The firm has a market capitalization of $27.47 billion, a PE ratio of -85.88 and a beta of 2.46. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting analysts' consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.84%. The firm had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the company earned ($0.01) earnings per share. The business's revenue was down 46.2% compared to the same quarter last year. On average, research analysts anticipate that Rocket Companies will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies in the third quarter valued at $39,000. Quarry LP grew its stake in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $60,000 after buying an additional 3,899 shares in the last quarter. Blue Trust Inc. bought a new position in shares of Rocket Companies in the second quarter valued at $61,000. EntryPoint Capital LLC bought a new position in shares of Rocket Companies in the first quarter valued at $77,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Rocket Companies in the third quarter valued at $120,000. 4.59% of the stock is owned by 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.