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

Rocket Companies (NYSE:RKT) had its price objective reduced by research analysts at Barclays from $17.00 to $15.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 29.60% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Keefe, Bruyette & Woods decreased their target price on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, August 10th. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $15.50 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. Stephens cut their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $19.00 in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price of $19.29.

Rocket Companies Trading Down 0.9%

Shares of NYSE:RKT opened at $11.57 on Monday. The company has a market capitalization of $32.77 billion, a P/E ratio of 82.67, a P/E/G ratio of 3.21 and a beta of 2.23. Rocket Companies has a 1 year low of $11.25 and a 1 year high of $24.36. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. The business’s 50 day simple moving average is $13.32 and its 200 day simple moving average is $14.00.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the prior year, the firm posted $0.04 EPS. Rocket Companies’s quarterly revenue was up 91.9% on a year-over-year basis. On average, research analysts anticipate that Rocket Companies will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rocket Companies news, CEO Jesse Bray sold 92,300 shares of Rocket Companies stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $12.39, for a total value of $1,143,597.00. Following the transaction, the chief executive officer owned 7,728,027 shares in the company, valued at $95,750,254.53. The trade was a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 450,000 shares of company stock valued at $5,687,074 over the last quarter. Company insiders own 57.68% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently made changes to their positions in the stock. Amundi lifted its stake in Rocket Companies by 152.1% in the 1st quarter. Amundi now owns 13,725,878 shares of the company’s stock valued at $195,594,000 after purchasing an additional 8,280,463 shares during the last quarter. Andra AP fonden boosted its position in Rocket Companies by 48.0% in the first quarter. Andra AP fonden now owns 729,357 shares of the company’s stock valued at $10,393,000 after buying an additional 236,632 shares in the last quarter. Swiss National Bank grew its stake in shares of Rocket Companies by 7.2% during the first quarter. Swiss National Bank now owns 2,696,000 shares of the company’s stock worth $38,418,000 after buying an additional 180,500 shares during the last quarter. OCO Capital Partners L.P. bought a new stake in shares of Rocket Companies during the fourth quarter worth $68,728,000. Finally, Maple Rock Capital Partners Inc. increased its holdings in shares of Rocket Companies by 76.9% during the second quarter. Maple Rock Capital Partners Inc. now owns 5,543,600 shares of the company’s stock worth $87,312,000 after buying an additional 2,410,400 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based fintech platform that provides digital financial and real estate services primarily to consumers in the United States. Its operations are centered on helping customers obtain, manage and refinance home loans, while also offering related services across the homeownership and personal finance lifecycle.

The company’s principal businesses include Rocket Mortgage, a digital mortgage lender and originator; Rocket Homes, a real estate marketplace and agent-referral platform; Rocket Money, a personal finance application that helps users manage subscriptions, budgets and bills; and Rocket Loans, which provides personal loans.