JPMorgan Chase & Co. Cuts Rocket Companies (NYSE:RKT) Price Target to $14.00

Rocket Companies (NYSE:RKT) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $19.00 to $14.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 4.63% from the stock’s previous close.

Several other equities analysts also recently commented on RKT. Bank of America upped their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Wedbush reaffirmed a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Piper Sandler cut their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Morgan Stanley assumed coverage on Rocket Companies in a report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 target price for the company. Finally, Royal Bank of Canada dropped their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.71.

Rocket Companies Trading Down 1.4 %

Rocket Companies stock traded down $0.19 during trading hours on Monday, reaching $13.38. The company had a trading volume of 978,629 shares, compared to its average volume of 2,888,600. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a 12-month low of $10.35 and a 12-month high of $21.38. The company has a 50-day moving average price of $15.93 and a 200 day moving average price of $16.31. The firm has a market cap of $26.69 billion, a price-to-earnings ratio of -83.63 and a beta of 2.38.

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

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently bought and sold shares of RKT. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies during the third quarter valued at approximately $39,000. Quarry LP raised its stake in Rocket Companies by 858.8% during the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after buying an additional 3,899 shares during the last quarter. Blue Trust Inc. bought a new stake in Rocket Companies in the second quarter worth $61,000. V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies in the third quarter worth $120,000. Finally, International Assets Investment Management LLC grew its stake in shares of Rocket Companies by 3,429.7% in the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after acquiring an additional 7,168 shares during the last quarter. 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.