Rocket Companies (NYSE:RKT) Trading 6.9% Higher – Time to Buy?

Rocket Companies, Inc. (NYSE:RKT)’s stock price shot up 6.9% during trading on Monday . The company traded as high as $12.71 and last traded at $12.85. 733,520 shares traded hands during trading, a decline of 75% from the average session volume of 2,880,729 shares. The stock had previously closed at $12.02.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RKT shares. Morgan Stanley reduced their price target on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. Barclays reduced their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group lowered their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.50.

Rocket Companies Stock Up 2.3 %

The company’s 50-day simple moving average is $12.21 and its two-hundred day simple moving average is $15.67. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm has a market capitalization of $26.00 billion, a P/E ratio of -81.47 and a beta of 2.42.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned ($0.01) earnings per share. Rocket Companies’s quarterly revenue was down 46.2% compared to the same quarter last year. As a group, research analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies during the 3rd quarter valued at $39,000. Quarry LP grew its position in shares of Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after purchasing an additional 3,899 shares in the last quarter. KBC Group NV raised its stake in Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after purchasing an additional 2,226 shares during the period. V Square Quantitative Management LLC bought a new position in Rocket Companies in the 3rd quarter worth approximately $120,000. Finally, Blue Trust Inc. grew its holdings in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after buying an additional 2,261 shares in the last quarter. Hedge funds and other 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.