Royal Bank of Canada Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price target decreased by equities researchers at Royal Bank of Canada from $20.00 to $18.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 31.82% from the company’s previous close.

A number of other equities analysts have also recently issued reports on RKT. Deutsche Bank Aktiengesellschaft upped their target price on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Morgan Stanley initiated coverage on Rocket Companies in a research note on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target for the company. Barclays cut their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Finally, UBS Group lifted their price objective on Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research report on Monday, September 16th. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Rocket Companies has an average rating of “Hold” and an average target price of $15.13.

Rocket Companies Price Performance

RKT opened at $13.66 on Wednesday. The company’s 50 day moving average is $17.78 and its 200-day moving average is $16.27. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 13.18 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 46.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) earnings per share. As a group, equities analysts expect that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Lakeshore Financial Planning Inc. boosted its holdings in Rocket Companies by 8.0% during the 2nd quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after acquiring an additional 1,000 shares during the last quarter. Wedmont Private Capital boosted its position in Rocket Companies by 8.9% in the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after purchasing an additional 1,305 shares during the last quarter. Arizona State Retirement System grew its stake in Rocket Companies by 6.0% in the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after purchasing an additional 1,979 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Rocket Companies during the 3rd quarter valued at $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Rocket Companies by 7.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after purchasing an additional 2,064 shares during the last quarter. Institutional investors and hedge funds 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.