Wells Fargo & Company Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price target lowered by analysts at Wells Fargo & Company from $19.00 to $17.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 16.79% from the company’s previous close.

RKT has been the subject of several other reports. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Monday. Compass Point started coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Jefferies Financial Group assumed coverage on Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $20.79.

Rocket Companies Trading Down 4.2%

NYSE RKT opened at $14.56 on Thursday. The company’s 50-day simple moving average is $16.50 and its two-hundred day simple moving average is $18.05. Rocket Companies has a one year low of $10.94 and a one year high of $24.36. The company has a market capitalization of $41.05 billion, a price-to-earnings ratio of -112.47 and a beta of 2.34. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the firm posted $0.04 earnings per share. Rocket Companies’s revenue for the quarter was up 52.2% compared to the same quarter last year. Equities analysts forecast that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 92.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cloud Capital Management LLC purchased a new position in shares of Rocket Companies in the 3rd quarter valued at about $25,000. Truvestments Capital LLC purchased a new position in Rocket Companies during the fourth quarter worth approximately $26,000. Acumen Wealth Advisors LLC acquired a new stake in Rocket Companies in the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. grew its holdings in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the period. Finally, City State Bank purchased a new position in shares of Rocket Companies during the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.