Rocket Companies (NYSE:RKT) Rating Increased to Neutral at UBS Group

UBS Group upgraded shares of Rocket Companies (NYSE:RKT) from a sell rating to a neutral rating in a research report report published on Friday, Marketbeat Ratings reports. UBS Group currently has $11.50 price target on the stock, down from their previous price target of $12.50.

Several other equities research analysts have also recently issued reports on RKT. Piper Sandler cut 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. Barclays cut their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Wedbush restated a “neutral” rating and issued a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Morgan Stanley cut their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a report on Monday, December 9th. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, Rocket Companies has an average rating of “Hold” and an average target price of $13.77.

Rocket Companies Stock Performance

RKT opened at $10.32 on Friday. 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 company has a market capitalization of $20.59 billion, a PE ratio of -64.50 and a beta of 2.42. The business has a fifty day simple moving average of $12.97 and a 200 day simple moving average of $15.80. Rocket Companies has a 1 year low of $10.22 and a 1 year high of $21.38.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the company posted ($0.01) earnings per share. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. Research analysts expect that Rocket Companies will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of Rocket Companies by 804.3% during the third quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after acquiring an additional 280,847 shares during the last quarter. Virtu Financial LLC raised its position in Rocket Companies by 22.1% during the 3rd quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock worth $310,000 after purchasing an additional 2,925 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rocket Companies by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after buying an additional 12,735 shares during the last quarter. Barclays PLC increased its stake in shares of Rocket Companies by 136.2% in the third quarter. Barclays PLC now owns 238,323 shares of the company’s stock valued at $4,573,000 after buying an additional 137,441 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Rocket Companies in the third quarter worth approximately $1,486,000. 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.