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

Rocket Companies (NYSE:RKT) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $14.00 to $10.50 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 3.05% from the company’s current price.

Other research analysts have also issued research reports about the company. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $12.50 to $11.50 in a research report on Friday. Piper Sandler lowered their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Barclays cut their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 13th. Wedbush restated a “neutral” rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group cut their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $13.50.

Rocket Companies Stock Performance

Shares of NYSE:RKT traded up $0.41 on Tuesday, reaching $10.83. 1,301,620 shares of the company’s stock were exchanged, compared to its average volume of 2,517,759. The business’s 50-day moving average is $12.85 and its two-hundred day moving average is $15.81. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The firm has a market capitalization of $21.60 billion, a price-to-earnings ratio of -67.69 and a beta of 2.42.

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

Hedge Funds Weigh In On Rocket Companies

Hedge funds have recently modified their holdings of the company. Wedmont Private Capital boosted its stake in Rocket Companies by 8.9% during the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after buying an additional 1,305 shares in the last quarter. Arizona State Retirement System lifted its holdings in Rocket Companies by 6.0% in the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after acquiring an additional 1,979 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies during the 3rd quarter valued at about $39,000. Blue Trust Inc. grew its stake in shares of Rocket Companies by 54.1% in the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock worth $124,000 after purchasing an additional 2,261 shares during the last quarter. Finally, DMC Group LLC lifted its stake in Rocket Companies by 8.1% during the third quarter. DMC Group LLC now owns 31,775 shares of the company’s stock valued at $610,000 after purchasing an additional 2,373 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.