Rocket Companies (NYSE:RKT) Shares Down 6.1% on Analyst Downgrade

Shares of Rocket Companies, Inc. (NYSE:RKT) were down 6.1% on Monday after Wedbush lowered their price target on the stock from $11.00 to $8.00. Wedbush currently has a neutral rating on the stock. Rocket Companies traded as low as $8.09 and last traded at $8.10. Approximately 627,866 shares traded hands during trading, a decline of 73% from the average daily volume of 2,305,148 shares. The stock had previously closed at $8.63.

Several other research analysts also recently commented on RKT. Piper Sandler raised their target price on Rocket Companies from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 15th. Citigroup raised their target price on Rocket Companies from $9.00 to $11.00 in a research note on Friday, August 4th. The Goldman Sachs Group cut their target price on Rocket Companies from $11.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, October 3rd. UBS Group raised their target price on Rocket Companies from $8.50 to $10.50 and gave the stock a “neutral” rating in a research note on Wednesday, August 30th. Finally, Morgan Stanley raised their target price on Rocket Companies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.98.

Insider Activity

In other news, Director Jonathan D. Mariner sold 12,500 shares of Rocket Companies stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $10.32, for a total transaction of $129,000.00. Following the completion of the sale, the director now owns 55,250 shares in the company, valued at approximately $570,180. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 94.05% of the company’s stock.

Institutional Trading of Rocket Companies

A number of hedge funds have recently bought and sold shares of RKT. Cipher Capital LP increased its stake in Rocket Companies by 3.5% in the 2nd quarter. Cipher Capital LP now owns 35,156 shares of the company’s stock worth $315,000 after purchasing an additional 1,177 shares during the period. Public Employees Retirement System of Ohio increased its stake in Rocket Companies by 2.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 58,150 shares of the company’s stock worth $407,000 after purchasing an additional 1,219 shares during the period. Truist Financial Corp increased its stake in Rocket Companies by 8.9% in the 4th quarter. Truist Financial Corp now owns 16,287 shares of the company’s stock worth $114,000 after purchasing an additional 1,333 shares during the period. Deutsche Bank AG increased its stake in Rocket Companies by 34.7% in the 1st quarter. Deutsche Bank AG now owns 5,243 shares of the company’s stock worth $48,000 after purchasing an additional 1,351 shares during the period. Finally, Global Retirement Partners LLC increased its stake in Rocket Companies by 2.4% in the 2nd quarter. Global Retirement Partners LLC now owns 60,388 shares of the company’s stock worth $541,000 after purchasing an additional 1,411 shares during the period. Institutional investors own 4.09% of the company’s stock.

Rocket Companies Stock Down 5.6 %

The company has a current ratio of 12.24, a quick ratio of 12.24 and a debt-to-equity ratio of 1.11. The stock has a 50 day simple moving average of $8.58 and a 200 day simple moving average of $9.10. The firm has a market capitalization of $16.10 billion, a PE ratio of -38.79 and a beta of 2.20.

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; Rocket Auto, a virtual marketplace where consumers can shop and compare vehicles of many makes and models from a wide network of dealers; and Rocket Loans, an online-based personal loans business.