Rocket Companies (NYSE:RKT) Price Target Lowered to $13.00 at Barclays

Rocket Companies (NYSE:RKT) had its target price decreased by Barclays from $14.00 to $13.00 in a report released on Wednesday morning,Benzinga reports. Barclays currently has an underweight rating on the stock.

A number of other equities analysts have also recently commented on the stock. Morgan Stanley initiated coverage on shares of Rocket Companies in a research report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Royal Bank of Canada increased their price target on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 11th. Wedbush restated a “neutral” rating and issued a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday. Finally, Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $15.17.

Rocket Companies Price Performance

Shares of NYSE RKT traded down $0.27 during trading hours on Wednesday, reaching $13.86. 377,395 shares of the stock traded hands, compared to its average volume of 2,878,063. The company’s 50-day simple moving average is $17.78 and its two-hundred day simple moving average is $16.27. The company has a market capitalization of $27.57 billion, a P/E ratio of -88.31 and a beta of 2.46. Rocket Companies has a 52-week low of $8.81 and a 52-week high of $21.38. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds have recently modified their holdings of RKT. Swiss National Bank grew its position in shares of Rocket Companies by 4.1% during the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after purchasing an additional 9,300 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Rocket Companies during the first quarter valued at approximately $2,698,000. Raymond James & Associates increased its stake in Rocket Companies by 48.7% in the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after acquiring an additional 98,397 shares during the last quarter. Philip James Wealth Mangement LLC bought a new position in shares of Rocket Companies during the 3rd quarter valued at approximately $6,811,000. Finally, Boston Partners increased its position in Rocket Companies by 4.2% in the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after purchasing an additional 381,841 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.