Royal Bank of Canada Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT - Get Free Report) had its target price decreased by analysts at Royal Bank of Canada from $20.00 to $18.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank of Canada's target price would indicate a potential upside of 27.39% from the stock's current price.

Several other brokerages have also issued reports on RKT. Bank of America boosted their target price on Rocket Companies from $12.00 to $14.00 and gave the company an "underperform" rating in a research note on Thursday, August 29th. Barclays lowered their target price on Rocket Companies from $14.00 to $13.00 and set an "underweight" rating on the stock in a research note on Wednesday. Wells Fargo & Company boosted their target price on Rocket Companies from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Friday, August 2nd. Wedbush restated a "neutral" rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research note on Wednesday. Finally, UBS Group boosted their target price on Rocket Companies from $11.50 to $14.00 and gave the company a "sell" rating in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, Rocket Companies currently has an average rating of "Hold" and a consensus target price of $14.48.

Rocket Companies Price Performance

Rocket Companies stock traded down $1.41 during mid-day trading on Wednesday, reaching $14.13. 13,381,400 shares of the company's stock were exchanged, compared to its average volume of 2,889,855. The business's fifty day simple moving average is $17.90 and its 200 day simple moving average is $16.28. Rocket Companies has a one year low of $8.39 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. Marshall Wace LLP purchased a new position in Rocket Companies during the second quarter worth about $10,811,000. Renaissance Technologies LLC lifted its stake in Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company's stock worth $33,821,000 after purchasing an additional 510,400 shares during the last quarter. Boston Partners lifted its stake in Rocket Companies by 4.2% during the first quarter. Boston Partners now owns 9,382,173 shares of the company's stock worth $136,462,000 after purchasing an additional 381,841 shares during the last quarter. Philip James Wealth Mangement LLC bought a new stake in Rocket Companies during the third quarter worth about $6,811,000. Finally, Los Angeles Capital Management LLC bought a new stake in Rocket Companies during the third quarter worth about $3,655,000. 4.59% of the stock is currently 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.