Rocket Companies (NYSE:RKT) Shares Down 6.9% – Time to Sell?

Rocket Companies, Inc. (NYSE:RKT)’s share price fell 6.9% during mid-day trading on Wednesday . The stock traded as low as $11.71 and last traded at $11.91. 1,579,661 shares were traded during mid-day trading, a decline of 47% from the average session volume of 2,999,346 shares. The stock had previously closed at $12.80.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RKT. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $12.50 to $11.50 in a research note on Friday, January 10th. The Goldman Sachs Group cut their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Barclays dropped their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Finally, Morgan Stanley decreased their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, Rocket Companies has an average rating of “Hold” and an average price target of $13.50.

Rocket Companies Stock Up 5.5 %

The company has a market cap of $25.65 billion, a P/E ratio of -80.38 and a beta of 2.43. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a fifty day moving average price of $11.88 and a 200 day moving average price of $15.46.

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

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of RKT. Capital Performance Advisors LLP bought a new position in Rocket Companies in the 3rd quarter valued at $39,000. KBC Group NV lifted its stake in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after acquiring an additional 2,226 shares during the period. Sterling Capital Management LLC boosted its holdings in Rocket Companies by 57.2% in the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after acquiring an additional 3,019 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new stake in Rocket Companies in the fourth quarter worth about $99,000. Finally, Garner Asset Management Corp bought a new position in shares of Rocket Companies in the 4th quarter valued at about $118,000. 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.