Rocket Companies (NYSE:RKT) Shares Down 2.9% - Here's What Happened

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) traded down 2.9% during mid-day trading on Thursday . The stock traded as low as $14.00 and last traded at $14.15. 8,971,427 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 10,066,859 shares. The stock had previously closed at $14.57.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wedbush reissued a "neutral" rating and issued a $12.00 target price (down from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Barclays raised Rocket Companies from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $10.00 to $14.00 in a research report on Tuesday, April 8th. UBS Group increased their price target on Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target on the stock in a research report on Wednesday, April 2nd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $18.00 price target on shares of Rocket Companies in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $14.38.

Rocket Companies Stock Performance

The firm's 50 day moving average price is $13.13 and its 200-day moving average price is $12.84. The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62. The firm has a market capitalization of $28.47 billion, a PE ratio of -474.53, a price-to-earnings-growth ratio of 1.04 and a beta of 2.28.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the company posted $0.04 EPS. The company's revenue for the quarter was down 10.8% on a year-over-year basis. On average, research analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RKT. Nuveen LLC purchased a new position in Rocket Companies in the 1st quarter valued at about $96,470,000. Wellington Management Group LLP increased its holdings in shares of Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock worth $52,980,000 after buying an additional 2,990,837 shares during the last quarter. Boston Partners increased its holdings in Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company's stock valued at $138,673,000 after purchasing an additional 2,829,292 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after purchasing an additional 2,804,090 shares during the last quarter. Finally, Azora Capital LP acquired a new stake in Rocket Companies in the 1st quarter valued at approximately $16,078,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Company Profile

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.