Rocket Companies (NYSE: RKT) downgraded by Zacks Investment Research

Rocket Companies (NYSE: RKT – Get a rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note released Wednesday to investors, Zacks.com reports.

According to Zacks, “Rocket Companies Inc. is a holding company comprised of personal finance and consumer services brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Rocket Companies Inc. is based in DETROIT.”

Other research analysts have also recently published research reports on the stock. Barclays lowered its price target on Rocket Companies shares from $19.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday. Citigroup lowered its target price on shares of Rocket Companies from $23.00 to $14.00 and set a “buy” rating for the company in a report released Monday. JPMorgan Chase & Co. moved shares of Rocket Companies from an “underweight” rating to an “overweight” rating and lowered its target price for the stock from $17.50 to $15.00 in a report of Wednesday 19 January. Bank of America downgraded shares of Rocket Companies from a “neutral” rating to an “underperforming” rating and lowered its target price for the stock from $21.00 to $11.00 in a Tuesday report February 22. Finally, Wedbush downgraded shares of Rocket Companies from an “underperforming” rating to a “neutral” rating and set a target price of $14.00 for the company in a Monday, Jan. 3, report. They noted that the move was a review call. Two equity research analysts gave the stock a sell rating, ten gave the company a hold rating and three gave the company a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.32.

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RKT-Action opened at $13.38 on Wednesday. The company has a debt ratio of 2.38, a current ratio of 24.49 and a quick ratio of 24.49. The company has a 50-day moving average price of $13.22 and a 200-day moving average price of $15.32. Rocket Companies has a fifty-two week low of $10.55 and a fifty-two week high of $43.00. The stock has a market capitalization of $26.55 billion, a PE ratio of 5.74, a growth price-earnings ratio of 0.80 and a beta of 1.53.

Rocket Companies (NYSE: RKT – Get a rating) last released its quarterly earnings data on Thursday, February 24. The company reported earnings per share of $0.32 for the quarter, missing the consensus estimate of $0.37 per ($0.05). Rocket Companies had a return on equity of 50.47% and a net margin of 2.38%. The company posted revenue of $2.59 billion in the quarter, versus a consensus estimate of $2.62 billion. In the same quarter last year, the company achieved EPS of $1.12. The company’s revenue for the quarter was down 44.6% year over year. As a group, stock analysts expect Rocket Companies to post earnings per share of 1.45 for the current fiscal year.

Several hedge funds have recently changed their positions in the company. BlackRock Inc. increased its stake in Rocket Companies by 17.9% in the 4th quarter. BlackRock Inc. now owns 6,505,694 shares of the company worth $91,081,000 after purchasing an additional 988,019 shares during the period. Wells Fargo & Company MN increased its stake in Rocket Companies by 52.5% in Q4. Wells Fargo & Company MN now owns 221,279 shares of the company worth $3,098,000 after purchasing an additional 76,173 shares during the period. Virtu Financial LLC acquired a new position in Rocket Companies in Q4 worth $1,817,000. Amalgamated Bank acquired a new position in Rocket Companies in Q4 worth $171,000. Finally, Belpointe Asset Management LLC increased its stake in Rocket Companies by 32.8% in the 4th quarter. Belpointe Asset Management LLC now owns 129,403 shares of the company worth $1,811,000 after purchasing an additional 31,980 shares during the period. 3.74% of the stock is held by institutional investors.

Company Profile Rocket Companies (Get a rating)

Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries in the United States and Canada. It operates in two segments, Direct to Consumer and Partner Network. The Company’s solutions include Rocket Mortgage, a mortgage lender; Amrock which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car sales support to nationwide online car rental and car buying platforms; and Rocket Loans, an online personal loan company.

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