Rocket Companies (NYSE:RKT) Price Target Cut to $17.00 by Analysts at Barclays

Rocket Companies (NYSE:RKT) had its price objective dropped by equities research analysts at Barclays from $19.00 to $17.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 14.35% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Benchmark started coverage on shares of Rocket Companies in a report on Monday, June 29th. They issued a “buy” rating and a $21.00 price target for the company. Stephens initiated coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Citizens Jmp assumed coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.

Rocket Companies Price Performance

NYSE RKT traded down $0.68 during trading hours on Tuesday, hitting $14.87. The company had a trading volume of 9,897,025 shares, compared to its average volume of 29,101,883. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The firm has a market capitalization of $42.06 billion, a price-to-earnings ratio of 297.12 and a beta of 2.16. Rocket Companies has a 52 week low of $12.17 and a 52 week high of $24.36. The firm has a 50 day simple moving average of $14.20 and a 200 day simple moving average of $16.57.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the prior year, the business posted $0.04 earnings per share. The company’s revenue was up 167.1% on a year-over-year basis. Equities research analysts expect that Rocket Companies will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Truvestments Capital LLC purchased a new stake in Rocket Companies during the 4th quarter valued at about $26,000. Acumen Wealth Advisors LLC purchased a new position in Rocket Companies in the 4th quarter worth approximately $26,000. Pinnacle Bancorp Inc. lifted its position 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 last quarter. City State Bank bought a new stake in Rocket Companies in the fourth quarter valued at approximately $30,000. Finally, Smithfield Trust Co bought a new stake in Rocket Companies in the fourth quarter valued at approximately $32,000. 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.