Rocket Companies (NYSE:RKT) Hits New 52-Week Low – Here’s Why

Shares of Rocket Companies, Inc. (NYSE:RKT) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $10.19 and last traded at $10.19, with a volume of 3322 shares trading hands. The stock had previously closed at $10.28.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RKT shares. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $12.50 to $11.50 in a report on Friday. Royal Bank of Canada dropped their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. The Goldman Sachs Group dropped their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Bank of America increased their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Finally, Wedbush reissued a “neutral” rating and set a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $13.77.

Rocket Companies Trading Down 1.3 %

The stock’s fifty day simple moving average is $12.97 and its 200-day simple moving average is $15.83. The firm has a market cap of $20.25 billion, a PE ratio of -63.44 and a beta of 2.42. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies (NYSE:RKT) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the company posted ($0.01) earnings per share. The firm’s revenue was down 46.2% compared to the same quarter last year. On average, sell-side analysts forecast that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

Institutional Trading of Rocket Companies

Several institutional investors have recently modified their holdings of RKT. Raymond James & Associates boosted its position in Rocket Companies by 48.7% during the third quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after acquiring an additional 98,397 shares during the last quarter. Victory Capital Management Inc. boosted its position in Rocket Companies by 324.4% during 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 position in Rocket Companies during the third quarter worth about $1,071,000. XTX Topco Ltd acquired a new position in Rocket Companies during the third quarter worth about $1,486,000. Finally, Entropy Technologies LP acquired a new position in Rocket Companies during the third quarter worth about $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.