Rocket Companies (NYSE: RKT – Get a rating) saw its target price reduced by investment analysts to Barclays from $11.00 to $8.00 in a research note released Monday to investors, Fly reports. BarclaysThe company’s target price suggests a potential downside of 6.54% from the company’s previous close.
RKT has been the subject of several other research reports. Argus downgraded Rocket Companies from a “buy” rating to a “hold” rating in a Tuesday, May 31 research report. Keefe, Bruyette & Woods downgraded Rocket Companies from an “underperforming” rating to a “market performing” rating and lowered their target price for the stock from $10.00 to $7.00 in a research report from Sunday, May 15. Royal Bank of Canada reduced its price target on Rocket Companies from $18.00 to $9.00 in a Thursday, May 12 research report. Credit Suisse Group cut its price target on Rocket Companies to $9.00 and set a “neutral” rating for the company in a Thursday, May 19 research report. Finally, Citigroup downgraded Rocket Companies from a “buy” rating to a “neutral” rating and reduced its price target for the company from $14.00 to $8.00 in a Wednesday, May 11 research report. . One equity research analyst has assigned the stock a sell rating, ten have issued a hold rating and two have assigned the stock a buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.96.
NYSE:RKT shares opened at $8.56 on Monday. Rocket Companies has a 52-week low of $6.27 and a 52-week high of $19.55. The company has a market capitalization of $16.86 billion, a P/E ratio of 5.16, a P/E/G ratio of 3.24 and a beta of 1.41. The stock has a 50-day moving average price of $8.17 and a 200-day moving average price of $10.58. The company has a debt ratio of 1.40, a quick ratio of 13.54 and a current ratio of 13.54.
Rocket Companies (NYSE: RKT – Get a rating) last announced its results on Tuesday, May 10. The company reported earnings per share (EPS) of $0.12 for the quarter, missing the consensus estimate of $0.16 per ($0.04). Rocket Companies had a return on equity of 31.45% and a net margin of 2.16%. The company posted revenue of $1.93 billion in the quarter, versus a consensus estimate of $2.24 billion. During the same period of the previous year, the company posted EPS of $0.55. The company’s revenue was down 52.2% year over year. On average, stock analysts expect Rocket Companies to post EPS of 0.26 for the current fiscal year.
In other Rocket Companies news, CEO Jay Farner bought 20,800 shares of the company in a trade on Wednesday, April 13. The shares were acquired at an average cost of $9.57 per share, for a total transaction of $199,056.00. As a result of the purchase, the CEO now owns 1,681,707 shares of the company, valued at approximately $16,093,935.99. The purchase was disclosed in a legal filing with the SEC, which is available via this hyperlink. During the last quarter, insiders acquired 778,900 shares of the company worth $6,408,398. Insiders of the company hold 94.01% of the shares of the company.
Several hedge funds have recently increased or reduced their stakes in the company. Sage Private Wealth Group LLC increased its stake in shares of Rocket Companies by 20.7% in the 4th quarter. Sage Private Wealth Group LLC now owns 7,055 shares of the company worth $98,000 after buying 1,211 additional shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Rocket Companies by 7.6% in Q1. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 17,689 shares of the company worth $197,000 after purchasing an additional 1,250 shares in the last quarter. The Bank of Nova Scotia increased its stake in shares of Rocket Companies by 3.3% in Q1. The Bank of Nova Scotia now owns 61,090 shares of the company worth $679,000 after buying 1,953 additional shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Rocket Companies by 8.2% in Q1. Teacher Retirement System of Texas now owns 28,571 shares of the company worth $318,000 after buying 2,158 additional shares in the last quarter. Finally, Rockefeller Capital Management LP increased its stake in shares of Rocket Companies by 173.2% in the 4th quarter. Rockefeller Capital Management LP now owns 3,500 shares of the company worth $49,000 after buying 2,219 additional shares in the last quarter. Hedge funds and other institutional investors own 3.71% of the company’s shares.
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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