JPMorgan Chase & Co. Lowers Rocket Companies (NYSE:RKT) Price Target to $10.50

Rocket Companies (NYSE:RKT) had its target price decreased by stock analysts at JPMorgan Chase & Co. from $14.00 to $10.50 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 9.48% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Royal Bank of Canada lowered their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Bank of America increased their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Wedbush reissued a “neutral” rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Piper Sandler reduced their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.50.

Rocket Companies Price Performance

Shares of RKT opened at $11.60 on Tuesday. The stock has a 50 day simple moving average of $12.75 and a 200 day simple moving average of $15.79. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a market capitalization of $23.14 billion, a PE ratio of -72.50 and a beta of 2.42.

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, 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 company had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the company earned ($0.01) earnings per share. The business’s quarterly revenue was down 46.2% compared to the same quarter last year. Sell-side analysts predict that Rocket Companies will post 0.16 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James & Associates boosted its stake in shares of Rocket Companies by 48.7% during the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after acquiring an additional 98,397 shares during the period. Victory Capital Management Inc. lifted its holdings in Rocket Companies by 324.4% during the 3rd quarter. Victory Capital Management Inc. now owns 67,161 shares of the company’s stock valued at $1,289,000 after purchasing an additional 51,336 shares during the last quarter. Quadrature Capital Ltd bought a new position in Rocket Companies during the third quarter worth $1,071,000. XTX Topco Ltd acquired a new position in shares of Rocket Companies in the third quarter valued at $1,486,000. Finally, Entropy Technologies LP bought a new position in shares of Rocket Companies in the third quarter valued at about $875,000. 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.