The Goldman Sachs Group Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price reduced by analysts at The Goldman Sachs Group from $16.00 to $14.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 33.84% from the stock’s previous close.

Several other research analysts have also commented on the company. Barclays decreased their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Royal Bank of Canada decreased 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. Morgan Stanley dropped their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Keefe, Bruyette & Woods reduced their price target on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating on the stock in a research report on Friday, January 3rd. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Six equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $13.85.

Rocket Companies Stock Down 1.1 %

RKT stock opened at $10.46 on Tuesday. The company has a market capitalization of $20.86 billion, a P/E ratio of -65.38 and a beta of 2.42. The firm has a 50 day simple moving average of $13.19 and a 200-day simple moving average of $15.86. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a twelve month low of $10.27 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company 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%. The company’s revenue was down 46.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.01) EPS. On average, equities research analysts predict that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC grew its stake in shares of Rocket Companies by 804.3% in 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. Virtu Financial LLC grew its position in Rocket Companies by 22.1% in the 3rd quarter. Virtu Financial LLC now owns 16,135 shares of the company’s stock valued at $310,000 after buying an additional 2,925 shares in the last quarter. Geode Capital Management LLC increased its stake in Rocket Companies by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after buying an additional 12,735 shares during the period. Barclays PLC raised its position in shares of Rocket Companies by 136.2% during the 3rd quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after buying an additional 137,441 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Rocket Companies in the 3rd quarter worth approximately $1,486,000. Institutional investors own 4.59% of the company’s stock.

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.