Barclays Cuts Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKTGet Rating) had its target price lowered by stock analysts at Barclays from $14.00 to $13.00 in a report issued on Tuesday, The Fly reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential upside of 35.42% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley reduced their target price on shares of Rocket Companies from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Thursday, April 7th. Credit Suisse Group reduced their target price on shares of Rocket Companies from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Friday, February 25th. The Goldman Sachs Group reduced their target price on shares of Rocket Companies from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Monday, April 4th. Piper Sandler reduced their target price on shares of Rocket Companies from $19.00 to $18.00 in a research note on Wednesday, January 5th. Finally, Wedbush upgraded shares of Rocket Companies from an “underperform” rating to a “neutral” rating and set a $14.00 price target for the company in a research note on Monday, January 3rd. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.46.

RKT stock opened at $9.60 on Tuesday. The company has a debt-to-equity ratio of 1.92, a current ratio of 21.68 and a quick ratio of 21.68. Rocket Companies has a 52-week low of $9.36 and a 52-week high of $23.33. The company has a 50-day moving average of $11.52 and a two-hundred day moving average of $13.97. The stock has a market capitalization of $19.05 billion, a price-to-earnings ratio of 4.12, a price-to-earnings-growth ratio of 0.91 and a beta of 1.31.

Rocket Companies (NYSE:RKTGet Rating) last released its quarterly earnings results on Thursday, February 24th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.06). Rocket Companies had a net margin of 2.38% and a return on equity of 48.76%. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the company earned $1.12 earnings per share. The firm’s revenue was down 44.6% on a year-over-year basis. Equities analysts expect that Rocket Companies will post 1.07 EPS for the current fiscal year.

In other Rocket Companies news, CEO Jay Farner bought 8,900 shares of the company’s stock in a transaction on Wednesday, March 30th. The stock was bought at an average price of $11.20 per share, for a total transaction of $99,680.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 111,600 shares of company stock valued at $1,141,378 in the last quarter. Corporate insiders own 93.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Rocket Companies by 17.9% in the 4th quarter. BlackRock Inc. now owns 6,505,694 shares of the company’s stock worth $91,081,000 after purchasing an additional 988,019 shares during the period. Wells Fargo & Company MN boosted its stake in Rocket Companies by 52.5% in the 4th quarter. Wells Fargo & Company MN now owns 221,279 shares of the company’s stock worth $3,098,000 after purchasing an additional 76,173 shares during the period. Virtu Financial LLC acquired a new position in Rocket Companies in the 4th quarter worth $1,817,000. Amalgamated Bank acquired a new position in Rocket Companies in the 4th quarter worth $171,000. Finally, Belpointe Asset Management LLC boosted its stake in Rocket Companies by 32.8% in the 4th quarter. Belpointe Asset Management LLC now owns 129,403 shares of the company’s stock worth $1,811,000 after purchasing an additional 31,980 shares during the period. 3.74% of the stock is owned by institutional investors.

About Rocket Companies (Get Rating)

Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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