Rocket Companies (NYSE:RKT – Get Rating) was downgraded by analysts at Credit Suisse Group from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Monday, The Fly reports. They currently have a $7.00 target price on the stock. Credit Suisse Group’s price objective suggests a potential downside of 6.29% from the company’s previous close.
Other equities research analysts have also recently issued reports about the company. Barclays increased their target price on Rocket Companies from $4.50 to $6.00 in a report on Friday. Morgan Stanley dropped their target price on Rocket Companies from $7.00 to $6.50 and set an “equal weight” rating for the company in a report on Friday, November 4th. UBS Group set a $8.00 target price on Rocket Companies in a report on Wednesday, November 23rd. The Goldman Sachs Group dropped their target price on Rocket Companies from $7.25 to $6.50 and set a “neutral” rating for the company in a report on Monday, November 7th. Finally, Wells Fargo & Company upped their price target on Rocket Companies from $7.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, December 6th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.96.
Rocket Companies Price Performance
Rocket Companies stock opened at $7.47 on Monday. Rocket Companies has a 52 week low of $5.97 and a 52 week high of $14.53. The business has a 50-day simple moving average of $7.55 and a 200 day simple moving average of $7.94. The company has a quick ratio of 11.69, a current ratio of 11.69 and a debt-to-equity ratio of 1.09. The stock has a market cap of $14.72 billion, a price-to-earnings ratio of 9.58 and a beta of 1.84.
Rocket Companies (NYSE:RKT – Get Rating) last posted its earnings results on Thursday, November 3rd. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.06). Rocket Companies had a return on equity of 5.21% and a net margin of 1.41%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.09 billion. On average, research analysts forecast that Rocket Companies will post -0.16 earnings per share for the current fiscal year.
Insider Transactions at Rocket Companies
In other news, CEO Jay Farner bought 32,100 shares of the firm’s stock in a transaction dated Friday, October 21st. The stock was purchased at an average price of $6.23 per share, with a total value of $199,983.00. Following the transaction, the chief executive officer now owns 4,892,907 shares of the company’s stock, valued at $30,482,810.61. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders bought 669,700 shares of company stock valued at $4,733,209. Corporate insiders own 94.01% of the company’s stock.
Institutional Trading of Rocket Companies
Several hedge funds and other institutional investors have recently made changes to their positions in RKT. Invesco Ltd. boosted its stake in shares of Rocket Companies by 4.8% in the 1st quarter. Invesco Ltd. now owns 10,789,221 shares of the company’s stock worth $119,975,000 after buying an additional 490,407 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 29.0% in the 1st quarter. Vanguard Group Inc. now owns 10,028,437 shares of the company’s stock worth $111,517,000 after buying an additional 2,252,066 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Rocket Companies by 2.7% in the 1st quarter. BlackRock Inc. now owns 6,684,239 shares of the company’s stock worth $74,328,000 after buying an additional 178,545 shares during the last quarter. State Street Corp boosted its stake in shares of Rocket Companies by 2.3% in the 2nd quarter. State Street Corp now owns 5,518,701 shares of the company’s stock worth $40,618,000 after buying an additional 122,916 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Rocket Companies by 3.3% in the 2nd quarter. Renaissance Technologies LLC now owns 2,435,000 shares of the company’s stock worth $17,922,000 after buying an additional 77,900 shares during the last quarter. Hedge funds and other institutional investors own 3.99% 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.
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Read More: Rocket Companies (NYSE:RKT) Stock Rating Lowered by Credit Suisse Group