Rocket Companies (NYSE:RKT) Shares Down 5.6% – Here’s Why

Rocket Companies, Inc. (NYSE:RKT)’s stock price was down 5.6% during mid-day trading on Wednesday . The stock traded as low as $12.93 and last traded at $13.02. Approximately 1,779,431 shares changed hands during trading, a decline of 44% from the average daily volume of 3,180,949 shares. The stock had previously closed at $13.78.

Wall Street Analyst Weigh In

RKT has been the topic of several research analyst reports. The Goldman Sachs Group cut their target price on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. Bank of America lifted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th. Wedbush reiterated a “neutral” rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Finally, Piper Sandler cut their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.50.

Rocket Companies Stock Performance

The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $26.28 billion, a P/E ratio of -82.34 and a beta of 2.43. The company’s 50-day moving average is $11.96 and its two-hundred day moving average is $15.23.

Hedge Funds Weigh In On Rocket Companies

Large investors have recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new position in Rocket Companies during the 3rd quarter worth $39,000. Itau Unibanco Holding S.A. bought a new position in Rocket Companies in the fourth quarter valued at about $47,000. KBC Group NV raised its stake in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Rocket Companies by 57.2% in the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after acquiring an additional 3,019 shares in the last quarter. Finally, Caisse Des Depots ET Consignations purchased a new stake in Rocket Companies in the 4th quarter worth about $99,000. 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.