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

Rocket Companies (NYSE:RKT) had its price objective cut by JPMorgan Chase & Co. from $14.00 to $10.50 in a research report report published on Tuesday morning,Benzinga reports. They currently have an underweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Morgan Stanley cut their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Keefe, Bruyette & Woods dropped their target price on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Bank of America upped their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Barclays dropped their target price on 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, Piper Sandler dropped their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat, Rocket Companies presently has an average rating of “Hold” and an average price target of $13.50.

Rocket Companies Stock Performance

NYSE RKT opened at $11.12 on Tuesday. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The stock has a market cap of $22.18 billion, a price-to-earnings ratio of -69.50 and a beta of 2.42. The business has a fifty day moving average of $12.75 and a 200-day moving average of $15.79. 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 (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the firm posted ($0.01) earnings per share. The business’s revenue for the quarter was down 46.2% compared to the same quarter last year. As a group, analysts predict that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its holdings in Rocket Companies by 21.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 69,645 shares of the company’s stock worth $954,000 after buying an additional 12,397 shares during the last quarter. Rhumbline Advisers raised its position in shares of Rocket Companies by 5.6% during the 2nd quarter. Rhumbline Advisers now owns 128,232 shares of the company’s stock worth $1,757,000 after purchasing an additional 6,802 shares during the period. Arizona State Retirement System raised its position in shares of Rocket Companies by 6.0% during the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock worth $479,000 after purchasing an additional 1,979 shares during the period. Renaissance Technologies LLC raised its position in shares of Rocket Companies by 26.1% during 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 period. Finally, Edgestream Partners L.P. acquired a new stake in shares of Rocket Companies during the 2nd quarter worth approximately $1,040,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.