Rocket Companies (NYSE:RKT) Trading Down 3.3% – Time to Sell?

Rocket Companies, Inc. (NYSE:RKTGet Free Report)’s share price fell 3.3% during trading on Tuesday . The stock traded as low as $10.96 and last traded at $10.98. 1,291,716 shares were traded during mid-day trading, a decline of 56% from the average session volume of 2,929,626 shares. The stock had previously closed at $11.35.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RKT. Piper Sandler dropped their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Royal Bank of Canada reduced their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Bank of America upped their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $11.50 target price (down previously from $16.00) on shares of Rocket Companies in a report on Tuesday, December 10th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $13.92.

Get Our Latest Research Report on RKT

Rocket Companies Stock Performance

The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $22.16 billion, a P/E ratio of -69.44 and a beta of 2.38. The business has a fifty day moving average price of $14.64 and a 200-day moving average price of $16.17.

Rocket Companies (NYSE:RKTGet Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (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 analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business earned ($0.01) EPS. The business’s revenue for the quarter was down 46.2% compared to the same quarter last year. On average, sell-side analysts expect that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RKT. State Street Corp increased its holdings in Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after acquiring an additional 1,269,795 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Rocket Companies during the 2nd quarter valued at $10,811,000. Renaissance Technologies LLC lifted its stake in shares of Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after buying an additional 510,400 shares in the last quarter. Philip James Wealth Mangement LLC bought a new position in Rocket Companies in the 3rd quarter worth $6,811,000. Finally, Tidal Investments LLC grew its position 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 worth $6,060,000 after purchasing an additional 280,847 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

About Rocket Companies

(Get Free Report)

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.

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