Rocket Companies (NYSE:RKT) PT Lowered to $6.50 at Morgan Stanley

Rocket Companies (NYSE:RKTGet Rating) had its price objective trimmed by Morgan Stanley from $7.00 to $6.50 in a report released on Friday morning, MarketBeat.com reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities research analysts also recently weighed in on RKT. Piper Sandler cut their price target on shares of Rocket Companies from $9.00 to $8.00 and set a neutral rating for the company in a report on Friday, September 30th. The Goldman Sachs Group cut their price target on shares of Rocket Companies from $8.25 to $7.25 and set a neutral rating for the company in a report on Tuesday, October 4th. Citigroup upped their price target on shares of Rocket Companies to $10.00 in a report on Tuesday, August 9th. Barclays cut their price target on shares of Rocket Companies from $7.00 to $5.00 and set an equal weight rating for the company in a report on Monday, October 17th. Finally, Keefe, Bruyette & Woods downgraded Rocket Companies from a market perform rating to an underperform rating and set a $6.50 price objective on the stock. in a report on Sunday, August 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $7.85.

Rocket Companies Stock Performance

RKT stock opened at $6.31 on Friday. The company has a market capitalization of $12.43 billion, a P/E ratio of 8.09, a PEG ratio of 108.50 and a beta of 1.74. The company has a 50-day simple moving average of $7.05 and a 200 day simple moving average of $8.17. Rocket Companies has a fifty-two week low of $5.97 and a fifty-two week high of $17.69. The company has a quick ratio of 14.97, a current ratio of 14.97 and a debt-to-equity ratio of 1.46.

Rocket Companies (NYSE:RKTGet Rating) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.05) earnings per share for the quarter. Rocket Companies had a net margin of 1.41% and a return on equity of 5.19%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $0.44 earnings per share. Rocket Companies’s revenue was down 47.8% compared to the same quarter last year. Sell-side analysts predict that Rocket Companies will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other Rocket Companies news, CEO Jay Farner bought 32,100 shares of the company’s stock in a transaction dated Friday, October 21st. The shares were bought at an average price of $6.23 per share, for a total transaction of $199,983.00. Following the acquisition, the chief executive officer now directly owns 4,892,907 shares of the company’s stock, valued at $30,482,810.61. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired 974,700 shares of company stock worth $7,067,190 in the last 90 days. Company insiders own 94.01% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently made changes to their positions in RKT. Sage Private Wealth Group LLC increased its holdings in Rocket Companies by 11.4% in the second quarter. Sage Private Wealth Group LLC now owns 10,188 shares of the company’s stock worth $75,000 after buying an additional 1,041 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Rocket Companies by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,037 shares of the company’s stock worth $67,000 after buying an additional 1,244 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Rocket Companies by 7.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 17,689 shares of the company’s stock worth $197,000 after buying an additional 1,250 shares during the last quarter. Bank of Nova Scotia increased its holdings in Rocket Companies by 3.3% in the first quarter. Bank of Nova Scotia now owns 61,090 shares of the company’s stock worth $679,000 after buying an additional 1,953 shares during the last quarter. Finally, FMR LLC increased its holdings in Rocket Companies by 134.7% in the second quarter. FMR LLC now owns 3,598 shares of the company’s stock worth $26,000 after buying an additional 2,065 shares during the last quarter. Institutional investors and hedge funds own 4.16% of the company’s stock.

About Rocket Companies

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Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses 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, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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