Barclays Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective cut by Barclays from $14.00 to $13.00 in a report published on Wednesday,Benzinga reports. They currently have an underweight rating on the stock.

Several other equities research analysts have also weighed in on RKT. Wells Fargo & Company lifted their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wedbush reiterated a “neutral” rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday. UBS Group lifted their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Bank of America raised their price target on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.13.

Rocket Companies Price Performance

Shares of RKT opened at $13.60 on Wednesday. The stock has a 50 day moving average of $17.54 and a 200 day moving average of $16.29. Rocket Companies has a 12 month low of $8.81 and a 12 month high of $21.38. The company has a quick ratio of 13.18, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) earnings per share. As a group, analysts expect that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

A number of large investors have recently modified their holdings of the business. Lakeshore Financial Planning Inc. increased its position in shares of Rocket Companies by 8.0% in the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after purchasing an additional 1,000 shares during the last quarter. Wedmont Private Capital grew its stake in Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after buying an additional 1,305 shares in the last quarter. Arizona State Retirement System grew its stake in Rocket Companies by 6.0% in the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock worth $479,000 after buying an additional 1,979 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies in the 3rd quarter worth $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Rocket Companies by 7.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after buying an additional 2,064 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.