Rocket Companies (NYSE:RKT) Price Target Lowered to $16.00 at Piper Sandler

Rocket Companies (NYSE:RKT) had its price objective decreased by Piper Sandler from $17.00 to $16.00 in a report released on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on RKT. Barclays cut their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a report on Monday, August 5th. Morgan Stanley initiated coverage on shares of Rocket Companies in a research note on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Wedbush restated a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and a consensus price target of $15.13.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.60 on Thursday. Rocket Companies has a 12 month low of $8.81 and a 12 month high of $21.38. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51. The business’s 50 day moving average is $17.54 and its two-hundred day moving average is $16.29.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. Rocket Companies’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.01) EPS. Sell-side analysts predict that Rocket Companies will post 0.22 earnings per share for the current year.

Institutional Trading of Rocket Companies

Several institutional investors have recently made changes to their positions in RKT. Lakeshore Financial Planning Inc. raised its position in Rocket Companies by 8.0% in the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after purchasing an additional 1,000 shares in the last quarter. Wedmont Private Capital raised its holdings in shares of Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after buying an additional 1,305 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Rocket Companies by 6.0% during the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock worth $479,000 after buying an additional 1,979 shares during the period. Capital Performance Advisors LLP acquired a new stake in Rocket Companies in the 3rd quarter valued at $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Rocket Companies by 7.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after acquiring an additional 2,064 shares during the period. 4.59% of the stock is currently 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.