Rocket Companies (NYSE:RKT – Get Free Report) had its target price decreased by JPMorgan Chase & Co. from $14.00 to $10.50 in a report released on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 9.48% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada cut 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. Morgan Stanley cut their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Keefe, Bruyette & Woods decreased their price target on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating on the stock in a research report on Friday, January 3rd. Bank of America boosted their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Finally, Barclays reduced 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 note on Wednesday, November 13th. Five research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus price target of $13.50.
Check Out Our Latest Stock Report on Rocket Companies
Rocket Companies Stock Performance
Rocket Companies (NYSE:RKT – Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting 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 business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the company posted ($0.01) earnings per share. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. On average, equities analysts forecast that Rocket Companies will post 0.16 EPS for the current year.
Institutional Trading of Rocket Companies
A number of hedge funds have recently added to or reduced their stakes in RKT. Wedmont Private Capital lifted its stake in shares of Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after acquiring an additional 1,305 shares during the last quarter. Arizona State Retirement System raised its position in Rocket Companies by 6.0% in the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after purchasing an additional 1,979 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Rocket Companies during the third quarter valued at about $39,000. Blue Trust Inc. boosted its stake in shares of Rocket Companies by 54.1% during the third quarter. Blue Trust Inc. now owns 6,438 shares of the company’s stock valued at $124,000 after purchasing an additional 2,261 shares in the last quarter. Finally, DMC Group LLC grew its holdings in shares of Rocket Companies by 8.1% during the third quarter. DMC Group LLC now owns 31,775 shares of the company’s stock worth $610,000 after purchasing an additional 2,373 shares during the last quarter. Institutional investors and hedge funds 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.
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