JPMorgan Chase & Co. Lowers Rocket Companies (NYSE:RKT) Price Target to $10.50

Rocket Companies (NYSE:RKT) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $14.00 to $10.50 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 3.05% from the stock’s previous close.

RKT has been the topic of a number of other research reports. Morgan Stanley reduced their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Bank of America boosted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Piper Sandler reduced their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Barclays decreased their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and cut their target price for the company from $12.50 to $11.50 in a research note on Friday. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.50.

Rocket Companies Trading Up 3.9 %

NYSE RKT traded up $0.41 during trading hours on Tuesday, hitting $10.83. 1,301,620 shares of the company’s stock were exchanged, compared to its average volume of 2,517,759. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a market capitalization of $21.60 billion, a P/E ratio of -67.69 and a beta of 2.42. The business’s 50 day moving average is $12.85 and its 200-day moving average is $15.81. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period last year, the company earned ($0.01) earnings per share. As a group, analysts anticipate that Rocket Companies will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in the business. State Street Corp increased its stake in shares of Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after purchasing an additional 510,400 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Rocket Companies by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after purchasing an additional 12,735 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Rocket Companies by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after purchasing an additional 72,308 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Rocket Companies in the second quarter worth about $10,811,000. 4.59% of the stock is owned by institutional investors and hedge funds.

About Rocket Companies

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.