Rocket Companies (NYSE:RKT) Reaches New 12-Month Low – What’s Next?

Rocket Companies, Inc. (NYSE:RKT)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $12.15 and last traded at $12.3390, with a volume of 1757250 shares trading hands. The stock had previously closed at $12.29.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RKT shares. Weiss Ratings downgraded Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Stephens lowered their target price on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Barclays dropped their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $15.50 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Finally, Wells Fargo & Company cut their target price on Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies has a consensus rating of “Moderate Buy” and a consensus price target of $19.57.

Rocket Companies Stock Performance

The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. The company has a market cap of $35.18 billion, a PE ratio of 88.66, a PEG ratio of 3.38 and a beta of 2.20. The stock has a 50 day simple moving average of $13.78 and a two-hundred day simple moving average of $14.28.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the previous year, the company posted $0.04 EPS. The company’s quarterly revenue was up 91.9% on a year-over-year basis. Equities analysts predict that Rocket Companies, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling at Rocket Companies

In related news, Rocket Mortgage CEO Jesse Bray sold 225,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total transaction of $2,949,750.00. Following the transaction, the insider owned 7,953,027 shares of the company’s stock, valued at $104,264,183.97. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 57.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Manchester Capital Management LLC grew its holdings in shares of Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after acquiring an additional 618 shares during the period. Red Door Wealth Management LLC raised its holdings in Rocket Companies by 6.7% during the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock worth $159,000 after purchasing an additional 698 shares during the last quarter. Gould Capital LLC boosted its position in Rocket Companies by 0.8% during the fourth quarter. Gould Capital LLC now owns 95,166 shares of the company’s stock worth $1,842,000 after purchasing an additional 733 shares in the last quarter. IFP Advisors Inc grew its holdings in Rocket Companies by 9.4% in the fourth quarter. IFP Advisors Inc now owns 8,639 shares of the company’s stock valued at $167,000 after purchasing an additional 739 shares during the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in Rocket Companies by 4.2% in the second quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company’s stock valued at $322,000 after purchasing an additional 823 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based financial technology company that provides digital platforms and services for homeownership and personal finance. Its flagship business, Rocket Mortgage, originates and services residential mortgage loans through an online application and lending process, serving borrowers across the United States.

The company also operates Rocket Homes, a real estate platform that connects consumers with real estate agents and home-buying resources; Rocket Loans, which provides personal loans; and Rocket Money, a personal finance app designed to help users manage subscriptions, budgeting and other aspects of their financial lives.