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

Rocket Companies (NYSE:RKT) had its price target decreased by JPMorgan Chase & Co. from $19.00 to $14.00 in a research report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

A number of other research analysts have also recently weighed in on the company. Morgan Stanley started coverage on Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price objective on the stock. UBS Group lowered their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Piper Sandler reduced their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Bank of America lifted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods dropped their price target on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research note on Thursday, November 14th. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $14.71.

Rocket Companies Stock Down 1.8 %

RKT opened at $13.32 on Monday. The firm’s 50 day simple moving average is $15.93 and its two-hundred day simple moving average is $16.31. The company has a market capitalization of $26.57 billion, a PE ratio of -82.88 and a beta of 2.38. Rocket Companies has a 1-year low of $10.35 and a 1-year high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

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

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in Rocket Companies in the 3rd quarter worth $39,000. Quarry LP increased its holdings in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares during the period. Blue Trust Inc. purchased a new position in shares of Rocket Companies in the second quarter worth about $61,000. V Square Quantitative Management LLC acquired a new stake in shares of Rocket Companies during the third quarter worth about $120,000. Finally, International Assets Investment Management LLC boosted its position in 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 valued at $142,000 after buying an additional 7,168 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

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.