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

Rocket Companies (NYSE:RKT) had its price target cut by stock analysts at Barclays from $14.00 to $13.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s target price would indicate a potential downside of 4.80% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Bank of America lifted their price objective on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Wedbush restated a “neutral” rating and set a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday. Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Royal Bank of Canada lifted their price objective on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 11th. Finally, UBS Group upped their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $13.66 on Wednesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The business has a 50-day moving average price of $17.78 and a two-hundred day moving average price of $16.27.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the business posted ($0.01) earnings per share. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. On average, equities research analysts expect that Rocket Companies will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Paloma Partners Management Co bought a new position in shares of Rocket Companies during the 3rd quarter worth approximately $368,000. PDT Partners LLC increased its stake in Rocket Companies by 130.3% in the 3rd quarter. PDT Partners LLC now owns 253,936 shares of the company’s stock valued at $4,873,000 after buying an additional 143,664 shares during the last quarter. Verition Fund Management LLC lifted its position in Rocket Companies by 79.2% during the 3rd quarter. Verition Fund Management LLC now owns 78,982 shares of the company’s stock worth $1,516,000 after buying an additional 34,895 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Rocket Companies by 2.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 283,437 shares of the company’s stock worth $5,439,000 after buying an additional 7,824 shares during the last quarter. Finally, FORA Capital LLC bought a new position in shares of Rocket Companies in the 3rd quarter valued at about $1,298,000. 4.59% of the stock is 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.