Rocket Companies (NYSE:RKT) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Rocket Companies (NYSE:RKT) had its price objective cut by JPMorgan Chase & Co. from $14.00 to $12.50 in a research note published on Monday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently issued reports on RKT. Stephens dropped their price objective on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Wells Fargo & Company set a $13.00 target price on shares of Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, October 6th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $16.00 target price (up from $15.00) on shares of Rocket Companies in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, August 10th. Finally, BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.12.

Rocket Companies Stock Performance

Shares of NYSE RKT opened at $10.54 on Monday. The business has a fifty day simple moving average of $13.02 and a 200 day simple moving average of $13.87. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $29.85 billion, a price-to-earnings ratio of 75.31, a PEG ratio of 3.17 and a beta of 2.23. Rocket Companies has a one year low of $10.18 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, August 6th. The company reported $0.16 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 firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same period last year, the business earned $0.04 earnings per share. Rocket Companies’s quarterly revenue was up 91.9% compared to the same quarter last year. Sell-side analysts expect that Rocket Companies will post 0.49 EPS for the current year.

Insider Activity at Rocket Companies

In related news, Rocket Mortgage CEO Jesse Bray sold 225,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total value of $2,949,750.00. Following the sale, the insider owned 7,953,027 shares of the company’s stock, valued at $104,264,183.97. The trade was a 2.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 450,000 shares of company stock worth $5,687,074. 57.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RKT. Amundi raised its holdings in shares of Rocket Companies by 152.1% in the first quarter. Amundi now owns 13,725,878 shares of the company’s stock valued at $195,594,000 after buying an additional 8,280,463 shares during the last quarter. Fred Alger Management LLC grew its holdings in Rocket Companies by 67.6% during the 4th quarter. Fred Alger Management LLC now owns 10,190,918 shares of the company’s stock worth $197,296,000 after acquiring an additional 4,112,118 shares during the last quarter. Wellington Management Group LLP grew its holdings in Rocket Companies by 64.5% during the 2nd quarter. Wellington Management Group LLP now owns 9,029,295 shares of the company’s stock worth $142,211,000 after acquiring an additional 3,541,916 shares during the last quarter. Wolf Hill Capital Management LP grew its holdings in Rocket Companies by 186.8% during the 4th quarter. Wolf Hill Capital Management LP now owns 7,221,758 shares of the company’s stock worth $139,813,000 after acquiring an additional 4,703,760 shares during the last quarter. Finally, Atreides Management LP grew its holdings in Rocket Companies by 69.7% during the 1st quarter. Atreides Management LP now owns 6,114,947 shares of the company’s stock worth $87,138,000 after acquiring an additional 2,512,384 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Companies

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.