Keefe, Bruyette & Woods downgrade rocket companies (NYSE: RKT) for underperforming

Rocket Companies (NYSE: RKT – Get a rating) was downgraded by equity research analysts Keefe, Bruyette & Woods from a “market performing” rating to an “underperforming” rating in a research note released on Sunday, Fly reports.

Several other equity research analysts also recently commented on RKT. Citigroup downgraded Rocket Companies from a “buy” rating to a “neutral” rating and lowered its price target for the company from $14.00 to $8.00 in a Wednesday, May 11 research report. Wells Fargo & Company downgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and set a target price of $10.00 for the company in a Wednesday 6 research report. July. Royal Bank of Canada reduced its price target on Rocket Companies from $18.00 to $9.00 in a Thursday, May 12 report. Barclays lowered its price target on Rocket Companies from $11.00 to $8.00 and set an “equal weight” rating on the stock in a Monday, July 11 report. Finally, Credit Suisse Group cut its price target on Rocket Companies shares to $9.00 and set a “neutral” rating for the company in a Thursday, May 19 research report. Two investment analysts have assigned the stock a sell rating, eight have assigned a hold rating and two have assigned the stock a buy rating. Based on data from MarketBeat, Rocket Companies has a consensus rating of “Hold” and a consensus target price of $10.38.

Rocket Company Price Performance

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Shares of Rocket Companies were down $0.34 on Friday, hitting $9.95. 6,859,518 shares of the company have been traded, against an average volume of 2,700,267. The company has a current ratio of 13.54, a quick ratio of 13.54 and a debt ratio of 1.40. The company’s 50-day simple moving average is $8.46 and its 200-day simple moving average is $9.93. Rocket Companies has a 12-month low of $6.27 and a 12-month high of $19.55. The company has a market capitalization of $19.60 billion, a P/E ratio of 7.77, a P/E/G ratio of 4.04 and a beta of 1.72.

Rocket Companies (NYSE: RKT – Get a rating) last announced its results on Thursday, August 4. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 per ($0.05). The company posted revenue of $1.39 billion in the quarter, versus a consensus estimate of $1.53 billion. Rocket Companies had a return on equity of 19.55% and a net margin of 1.85%. The company’s revenue was down 47.8% year over year. During the same period a year earlier, the company posted EPS of $0.44. Analysts expect Rocket Companies to post earnings per share of 0.25 for the current fiscal year.

Insider Activity at Rocket Companies

In related news, CEO Jay Farner bought 26,600 shares in a trade on Wednesday, May 11. The shares were purchased at an average cost of $7.52 per share, for a total transaction of $200,032.00. As a result of the purchase, the CEO now owns 2,109,607 shares of the company, valued at approximately $15,864,244.64. The acquisition was disclosed in a legal filing with the SEC, accessible via the SEC website. During the last quarter, insiders acquired 819,800 shares of the company worth $6,843,633. Company insiders own 94.01% of the company’s shares.

Institutional investors weigh in on rocket companies

Institutional investors and hedge funds have recently changed their positions in the company. Vanguard Group Inc. increased its stake in Rocket Companies by 29.0% in Q1. Vanguard Group Inc. now owns 10,028,437 shares of the company worth $111,517,000 after purchasing an additional 2,252,066 shares during the period. Renaissance Technologies LLC increased its stake in shares of Rocket Companies by 378.7% during the 1st quarter. Renaissance Technologies LLC now owns 2,357,100 shares of the company valued at $26,211,000 after purchasing an additional 1,864,700 shares during the period. Federated Hermes Inc. increased its stake in shares of Rocket Companies by 195.2% during the 1st quarter. Federated Hermes Inc. now owns 1,558,417 shares of the company valued at $17,330,000 after purchasing an additional 1,030,536 shares during the period. Invesco Ltd. increased its holdings of Rocket Companies shares by 10.0% during the 4th quarter. Invesco Ltd. now owns 10,298,814 shares of the company valued at $144,183,000 after purchasing an additional 934,907 shares last quarter. Finally, Bruni JV & Co. Co. bought a new position in shares of Rocket Companies during Q4 valued at $11,947,000. 3.71% of the shares are held by institutional investors and hedge funds.

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 through 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-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.

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