Rocket Companies (NYSE: RKT) Price target lowered to $7.00 at Wedbush
Rocket Companies (NYSE: RKT – Get a Review) saw its price target lowered by Wedbush analysts to $7.00 in a report on Tuesday, Stock Target Advisor reports. The company currently has a “na” rating on the stock. Wedbush’s price target would suggest a potential decline of 19.54% from the company’s current price.
Other stock analysts have also recently published research reports on the company. JPMorgan Chase & Co. downgraded Rocket Companies from an “underweight” to an “overweight” rating and lowered its price target for the stock from $17.50 to $15.00 in a report from the Wednesday January 19. Citigroup downgraded Rocket Companies from a “buy” rating to a “neutral” rating and reduced its target price for the company from $14.00 to $8.00 in a Wednesday, May 11 research report. Morgan Stanley cut its target price on Rocket Companies from $12.00 to $11.00 and set an “equal weight” rating on the stock in a Thursday, April 7 research report. Bank of America downgraded Rocket Companies from a “neutral” rating to an “underperforming” rating and reduced its target price for the company from $21.00 to $11.00 in a Tuesday, February 22 research report . Finally, Royal Bank of Canada reduced its target price on Rocket Companies from $18.00 to $9.00 in a Thursday, May 12 research report. Two analysts rated the stock with a sell rating, ten gave the company a hold rating and two gave the company a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.23.
NYSE RKT traded down $0.42 on Tuesday, hitting $8.70. The company had a trading volume of 118,052 shares, compared to an average volume of 5,555,687. The company has a market capitalization of $17.14 billion, a PE ratio of 5.25, a P/E/G ratio of 1.01 and a beta of 1.39. Rocket Companies has a 1-year low of $6.91 and a 1-year high of $22.68. The company has a 50-day moving average of $9.80 and a 200-day moving average of $12.76. The company has a debt ratio of 1.40, a current ratio of 13.54 and a quick ratio of 13.54.
Rocket Companies (NYSE:RKT – Get Rating) last released quarterly results on Tuesday, May 10. The company reported earnings per share of $0.15 for the quarter, missing analyst consensus estimates of $0.19 per ($0.04). The company posted revenue of $1.93 billion in the quarter, versus $2.24 billion expected by analysts. Rocket Companies had a return on equity of 31.45% and a net margin of 2.16%. The company’s revenue decreased by 52.2% compared to the same quarter last year. During the same quarter of the previous year, the company achieved EPS of $0.55. As a group, sell-side analysts expect Rocket Companies to post 0.8 EPS for the current fiscal year.
In related news, CEO Jay Farner purchased 8,900 shares of the company in a trade on Wednesday, March 30. The shares were purchased at an average cost of $11.20 per share, with a total value of $99,680.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Insiders have acquired 385,900 shares of the company worth $3,538,442 over the past ninety days. 93.20% of the shares are held by company insiders.
Several large investors have recently increased or reduced their stake in RKT. Advisor Group Holdings Inc. increased its stake in shares of Rocket Companies by 2.8% in the third quarter. Advisor Group Holdings Inc. now owns 110,065 shares of the company worth $1,766,000 after buying 3,020 additional shares in the last quarter. The Swiss National Bank increased its stake in shares of Rocket Companies by 0.9% in the third quarter. The Swiss National Bank now owns 301,600 shares of the company worth $4,838,000 after buying 2,800 more shares last quarter. The State Board of Administration of Florida Retirement System increased its stake in Rocket Companies by 12.2% during the third quarter. The Florida Retirement System State Board of Directors now owns 94,263 shares of the company valued at $1,512,000 after purchasing an additional 10,279 shares last quarter. BlackRock Inc. increased its holdings in Rocket Companies by 2.5% during the third quarter. BlackRock Inc. now owns 5,517,675 shares of the company worth $88,503,000 after acquiring an additional 136,976 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Rocket Companies by 44.1% in the third quarter. Teacher Retirement System of Texas now owns 21,853 shares of the company worth $351,000 after acquiring 6,685 additional shares in the last quarter. 3.71% of the shares are held by institutional investors.
About Rocket Companies (Get a rating)
Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.
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