Rocket Companies (NYSE:RKT) Shares Gap Up - Should You Buy?

Rocket Companies, Inc. (NYSE:RKT - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.13, but opened at $12.54. Rocket Companies shares last traded at $12.21, with a volume of 807,249 shares changing hands.

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price 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. UBS Group lowered their price objective on Rocket Companies from $14.00 to $12.50 and set a "sell" rating on the stock in a research report on Thursday, November 14th. Royal Bank of Canada cut their target price on shares of Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a report on Wednesday, November 13th. Morgan Stanley assumed coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They set an "equal weight" rating and a $18.00 price target on the stock. Finally, Wedbush restated a "neutral" rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $14.33.

Rocket Companies Stock Down 4.5 %

The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The business's 50 day moving average price is $15.12 and its 200 day moving average price is $16.24. The firm has a market cap of $23.10 billion, a PE ratio of -72.38 and a beta of 2.38.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million during 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%. Rocket Companies's quarterly revenue was down 46.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) EPS. On average, equities research analysts expect that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Rocket Companies during the third quarter worth approximately $39,000. Quarry LP raised its holdings in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company's stock worth $60,000 after acquiring an additional 3,899 shares during the period. Blue Trust Inc. acquired a new position in shares of Rocket Companies during the 2nd quarter valued at about $61,000. V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies in the third quarter valued at about $120,000. Finally, International Assets Investment Management LLC increased its position in Rocket Companies by 3,429.7% during the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company's stock worth $142,000 after purchasing an additional 7,168 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.