Rocket Companies (NYSE:RKT) Trading Down 3.7% – Should You Sell?

Rocket Companies, Inc. (NYSE:RKT)’s stock price fell 3.7% on Monday . The stock traded as low as $17.13 and last traded at $17.34. 698,940 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 2,785,486 shares. The stock had previously closed at $18.01.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RKT. Wedbush increased their price objective on Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Bank of America boosted their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Wells Fargo & Company boosted their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Five equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.89.

Rocket Companies Price Performance

The firm has a market capitalization of $33.15 billion, a price-to-earnings ratio of 154.00 and a beta of 2.44. The stock’s fifty day moving average price is $19.02 and its two-hundred day moving average price is $15.83. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.05) EPS. Equities research analysts expect that Rocket Companies, Inc. will post 0.23 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds have recently made changes to their positions in RKT. Lakeshore Financial Planning Inc. boosted its position in shares of Rocket Companies by 8.0% in the 2nd quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock valued at $185,000 after purchasing an additional 1,000 shares during the period. DMC Group LLC grew its position in shares of Rocket Companies by 3.7% during the first quarter. DMC Group LLC now owns 29,077 shares of the company’s stock worth $423,000 after acquiring an additional 1,029 shares during the last quarter. Wedmont Private Capital increased its holdings in shares of Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after acquiring an additional 1,305 shares during the period. Arizona State Retirement System raised its position 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 last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Rocket Companies by 7.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock worth $428,000 after purchasing an additional 2,064 shares during the period. 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.