Rocket Companies (NYSE:RKT) Shares Down 6.9% - Here's Why

Rocket Companies, Inc. (NYSE:RKT - Get Free Report)'s share price traded down 6.9% during trading on Wednesday . The stock traded as low as $11.71 and last traded at $11.91. 1,579,661 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 2,999,346 shares. The stock had previously closed at $12.80.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. cut their price objective on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a research report on Tuesday, January 14th. Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, December 19th. Royal Bank of Canada cut their price objective on Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating on the stock in a research report on Wednesday, November 13th. Barclays lowered their target price on Rocket Companies from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Wednesday, November 13th. Finally, Wedbush reiterated a "neutral" rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to MarketBeat.com, Rocket Companies currently has an average rating of "Hold" and an average target price of $13.50.

Rocket Companies Stock Performance

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 firm has a market cap of $26.08 billion, a price-to-earnings ratio of -81.72 and a beta of 2.43. The firm has a fifty day simple moving average of $11.87 and a two-hundred day simple moving average of $15.44.

Institutional Investors Weigh In On Rocket Companies

Institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates raised its stake in shares of Rocket Companies by 48.7% in the third quarter. Raymond James & Associates now owns 300,612 shares of the company's stock worth $5,769,000 after purchasing an additional 98,397 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Rocket Companies by 324.4% in the third quarter. Victory Capital Management Inc. now owns 67,161 shares of the company's stock worth $1,289,000 after acquiring an additional 51,336 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Rocket Companies in the third quarter worth approximately $1,071,000. XTX Topco Ltd acquired a new stake in shares of Rocket Companies in the third quarter worth approximately $1,486,000. Finally, Entropy Technologies LP acquired a new stake in shares of Rocket Companies in the third quarter worth approximately $875,000. Institutional investors and hedge funds 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.