UBS Group Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective cut by analysts at UBS Group from $14.00 to $12.50 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the stock. UBS Group’s price objective suggests a potential downside of 9.55% from the stock’s current price.

Several other research analysts have also commented on the company. 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. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research note on Thursday. JPMorgan Chase & Co. boosted their price objective on Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their target price on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Finally, Bank of America boosted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, Rocket Companies has a consensus rating of “Hold” and an average price target of $15.04.

Rocket Companies Trading Down 2.2 %

RKT traded down $0.31 during trading on Thursday, hitting $13.82. 434,569 shares of the company’s stock were exchanged, compared to its average volume of 2,878,808. Rocket Companies has a 1 year low of $8.81 and a 1 year high of $21.38. The stock has a 50 day moving average price of $17.78 and a 200 day moving average price of $16.27. The firm has a market cap of $27.49 billion, a P/E ratio of -86.56 and a beta of 2.46. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27.

Institutional Investors Weigh In On Rocket Companies

Institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP purchased a new position in Rocket Companies in the 2nd quarter worth about $10,811,000. Renaissance Technologies LLC raised its holdings in shares of Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares during the period. Boston Partners lifted its position in shares of Rocket Companies by 4.2% in the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Philip James Wealth Mangement LLC acquired a new position in Rocket Companies in the 3rd quarter worth approximately $6,811,000. Finally, Los Angeles Capital Management LLC purchased a new position in Rocket Companies during the 3rd quarter worth approximately $3,655,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.