Rocket Companies (NYSE:RKT) Given New $13.00 Price Target at Morgan Stanley

Rocket Companies (NYSE:RKT - Free Report) had its price target trimmed by Morgan Stanley from $16.00 to $13.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on the company. Piper Sandler lowered their price target on Rocket Companies from $17.00 to $16.00 and set a "neutral" rating for the company in a research note on Thursday, November 14th. Wedbush reaffirmed a "neutral" rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $11.50 price target (down previously from $16.00) on shares of Rocket Companies in a report on Tuesday, December 10th. Barclays lowered their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reduced their target price on Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 13th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, Rocket Companies presently has an average rating of "Hold" and an average target price of $13.92.

Rocket Companies Trading Up 0.4 %

NYSE RKT traded up $0.05 during trading hours on Thursday, hitting $11.63. The company's stock had a trading volume of 6,290,734 shares, compared to its average volume of 2,922,354. The stock has a fifty day moving average of $15.01 and a 200 day moving average of $16.21. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a twelve month low of $10.87 and a twelve month high of $21.38. The firm has a market capitalization of $23.20 billion, a P/E ratio of -72.69 and a beta of 2.38.

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 (EPS) for the quarter, hitting the consensus estimate 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 positive return on equity of 2.86% and a negative net margin of 0.38%. The firm's revenue was down 46.2% on a year-over-year basis. During the same period last year, the company earned ($0.01) EPS. Equities research analysts forecast that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of large investors have recently added to or reduced their stakes in RKT. Wealth Enhancement Advisory Services LLC raised its position in shares of Rocket Companies by 27.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 19,800 shares of the company's stock valued at $271,000 after purchasing an additional 4,250 shares during the period. Blue Trust Inc. bought a new stake in shares of Rocket Companies during the second quarter worth approximately $61,000. Raymond James & Associates grew its position in shares of Rocket Companies by 4.3% in the second quarter. Raymond James & Associates now owns 202,215 shares of the company's stock valued at $2,770,000 after purchasing an additional 8,278 shares during the last quarter. Lakeshore Financial Planning Inc. increased its stake in shares of Rocket Companies by 8.0% during the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company's stock worth $185,000 after purchasing an additional 1,000 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in Rocket Companies by 100.7% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 20,955 shares of the company's stock valued at $287,000 after purchasing an additional 10,515 shares during the period. Institutional investors 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.