Rocket Companies, Inc. (NYSE:RKT) Receives Average Rating of “Reduce” from Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Reduce” from the twelve brokerages that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $8.98.

Several brokerages have issued reports on RKT. Citigroup increased their target price on Rocket Companies from $9.00 to $11.00 in a research report on Friday, August 4th. The Goldman Sachs Group reduced their price objective 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. Barclays initiated coverage on Rocket Companies in a research note on Wednesday. They issued an “underweight” rating and a $6.00 price target for the company. JPMorgan Chase & Co. cut their price target on Rocket Companies from $12.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, October 17th. Finally, Keefe, Bruyette & Woods cut their price target on Rocket Companies from $11.50 to $9.25 in a research note on Monday, October 2nd.

Insider Buying and Selling at Rocket Companies

In other Rocket Companies news, Director Jonathan D. Mariner sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $10.32, for a total value of $129,000.00. Following the sale, the director now owns 55,250 shares of the company’s stock, valued at $570,180. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 94.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in Rocket Companies by 134.7% in the second quarter. FMR LLC now owns 3,598 shares of the company’s stock valued at $26,000 after acquiring an additional 2,065 shares in the last quarter. Deutsche Bank AG boosted its stake in Rocket Companies by 658.7% in the fourth quarter. Deutsche Bank AG now owns 3,892 shares of the company’s stock valued at $27,000 after acquiring an additional 3,379 shares in the last quarter. S.A. Mason LLC acquired a new stake in shares of Rocket Companies during the first quarter worth about $32,000. Captrust Financial Advisors boosted its stake in shares of Rocket Companies by 178.2% during the second quarter. Captrust Financial Advisors now owns 4,451 shares of the company’s stock worth $33,000 after buying an additional 2,851 shares during the period. Finally, True Wealth Design LLC acquired a new stake in shares of Rocket Companies during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 4.09% of the company’s stock.

Rocket Companies Stock Performance

NYSE RKT opened at $9.01 on Friday. The business has a 50-day moving average price of $8.24 and a 200-day moving average price of $9.09. Rocket Companies has a twelve month low of $6.63 and a twelve month high of $11.94. The firm has a market cap of $17.86 billion, a price-to-earnings ratio of -42.90 and a beta of 2.20. The company has a quick ratio of 11.15, a current ratio of 11.15 and a debt-to-equity ratio of 1.05.

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, 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.