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

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

A number of other equities research analysts also recently weighed in on the company. Bank of America upped their target price on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Wedbush reissued a “neutral” rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. UBS Group boosted their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their price target on Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies Stock Performance

RKT stock opened at $13.60 on Wednesday. The stock’s fifty day moving average is $17.54 and its two-hundred day moving average is $16.26. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of -85.00 and a beta of 2.46. The company has a debt-to-equity ratio of 1.51, a quick ratio of 13.18 and a current ratio of 15.47. Rocket Companies has a 1 year low of $8.81 and a 1 year high of $21.38.

Rocket Companies (NYSE:RKT) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The firm had revenue of $647.00 million during 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%. Rocket Companies’s quarterly revenue was down 46.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.01) EPS. On average, research analysts predict that Rocket Companies will post 0.22 EPS for the current year.

Institutional Trading of Rocket Companies

Large investors have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in Rocket Companies during the 3rd quarter valued at $39,000. Quarry LP grew its position in Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after acquiring an additional 3,899 shares during the period. Blue Trust Inc. acquired a new stake in shares of Rocket Companies during the 2nd quarter worth about $61,000. EntryPoint Capital LLC bought a new position in shares of Rocket Companies in the first quarter valued at approximately $77,000. Finally, V Square Quantitative Management LLC bought a new position in Rocket Companies in the 3rd quarter valued at $120,000. 4.59% of the stock is owned by 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.