Rocket Companies (NYSE:RKT) Price Target Cut to $14.00 by Analysts at JPMorgan Chase & Co.

Rocket Companies (NYSE:RKT) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $19.00 to $14.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 11.29% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Wedbush reissued a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Royal Bank of Canada decreased their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Bank of America boosted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th. Barclays reduced their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods lowered their price objective on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a report on Thursday, November 14th. Six research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.33.

Rocket Companies Stock Performance

Rocket Companies stock opened at $12.58 on Monday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm’s fifty day moving average price is $15.81 and its 200 day moving average price is $16.30. The company has a market capitalization of $25.09 billion, a price-to-earnings ratio of -78.63 and a beta of 2.38. Rocket Companies has a 12-month low of $10.35 and a 12-month high of $21.38.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. The company’s revenue was down 46.2% compared to the same quarter last year. On average, research analysts forecast that Rocket Companies will post 0.16 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its position in Rocket Companies by 7.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 57,389 shares of the company’s stock worth $836,000 after buying an additional 3,858 shares during the period. CWM LLC increased its holdings in shares of Rocket Companies by 140.5% in the 2nd quarter. CWM LLC now owns 14,486 shares of the company’s stock worth $198,000 after acquiring an additional 8,462 shares during the period. Wedmont Private Capital lifted its position in Rocket Companies by 34.1% in the 2nd quarter. Wedmont Private Capital now owns 14,632 shares of the company’s stock valued at $210,000 after purchasing an additional 3,718 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Rocket Companies by 27.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 19,800 shares of the company’s stock valued at $271,000 after purchasing an additional 4,250 shares during the period. Finally, Blue Trust Inc. bought a new position in Rocket Companies in the 2nd quarter worth about $61,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services 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 that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.