Rocket Companies (NYSE: RKT – Get a rating) saw its price target lowered by equity research analysts to Wells Fargo and company from $8.00 to $6.50 in a note issued to investors on Friday, Fly reports. Wells Fargo and companyThe company’s price target would indicate a potential decline of 0.46% from the company’s current price.
Other equity research analysts have also recently published research reports on the stock. Bank of America slashed shares of Rocket Companies from a “neutral” rating to an “underperforming” rating and lowered its target price for the company from $21.00 to $11.00 in a Tuesday 22 report. february. Royal Bank of Canada lowered its target price on shares of Rocket Companies from $18.00 to $9.00 in a report Thursday, May 12. Goldman Sachs Group lowered its price target on Rocket Companies shares from $14.00 to $11.50 and set a “neutral” rating on the stock in a Monday, April 4 report. Argus cut shares of Rocket Companies from a “buy” rating to a “hold” rating in a Tuesday, May 31 report. Finally, Citigroup cut shares of Rocket Companies from a “buy” rating to a “neutral” rating and lowered its target price for the company from $14.00 to $8.00 in a Wednesday, May 11 report. One equity research analyst rated the stock with a sell rating, eleven gave the company a hold rating and one gave the company a buy rating. According to data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and a consensus price target of $11.08.
NYSE: RKT opened at $6.53 on Friday. The company has a current ratio of 13.54, a quick ratio of 13.54 and a debt ratio of 1.40. The stock has a market capitalization of $12.86 billion, a PE ratio of 3.93, a growth price-earnings ratio of 2.55 and a beta of 1.38. The company’s 50-day moving average is $8.72 and its 200-day moving average is $11.55. Rocket Companies has a 12-month low of $6.39 and a 12-month high of $20.84.
Rocket Companies (NYSE: RKT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported EPS of $0.12 for the quarter, missing analyst consensus estimates of $0.16 per ($0.04). Rocket Companies had a return on equity of 31.45% and a net margin of 2.16%. The company posted revenue of $1.93 billion in the quarter, versus a consensus estimate of $2.24 billion. During the same period last year, the company posted EPS of $0.55. The company’s revenue for the quarter decreased 52.2% compared to the same quarter last year. Research analysts predict that Rocket Companies will post 0.27 earnings per share for the current year.
In related news, CEO Jay Farner bought 28,800 shares of the company in a transaction that took place on Wednesday, June 15. The stock was purchased at an average cost of $6.99 per share, for a total transaction of $201,312.00. Following completion of the transaction, the CEO now owns 2,678,407 shares of the company, valued at $18,722,064.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Insiders bought 629,600 shares of the company valued at $5,581,029 during the last quarter. 94.01% of the shares are held by insiders of the company.
A number of large investors have recently changed their positions in RKT. Renaissance Technologies LLC acquired a new stake in Rocket Companies during the third quarter worth approximately $372,000. Gotham Asset Management LLC purchased a new stake in Rocket Companies during the third quarter, valued at approximately $435,000. Marshall Wace LLP purchased a new stake in Rocket Companies during the third quarter worth approximately $930,000. California State Teachers Retirement System increased its position in Rocket Companies by 40.6% during the third quarter. California State Teachers Retirement System now owns 331,044 shares of the company valued at $5,310,000 after purchasing an additional 95,648 shares during the period. Finally, Cubist Systematic Strategies LLC increased its position in Rocket Companies by 168.9% during the third quarter. Cubist Systematic Strategies LLC now owns 47,863 shares of the company valued at $768,000 after purchasing an additional 30,066 shares during the period. Institutional investors hold 3.71% of the company’s shares.
About Rocket Companies (Get a rating)
Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.
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