Barclays Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective dropped by Barclays from $14.00 to $13.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target would indicate a potential downside of 4.80% from the company’s previous close.

RKT has been the topic of several other research reports. Morgan Stanley started coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Royal Bank of Canada lifted their price objective on Rocket Companies from $16.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, September 11th. Finally, Bank of America increased their target price on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Stock Performance

Shares of RKT opened at $13.66 on Wednesday. Rocket Companies has a 52 week low of $8.81 and a 52 week high of $21.38. The company has a 50-day simple moving average of $17.78 and a 200-day simple moving average of $16.27. The company has a quick ratio of 13.18, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

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, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.01) EPS. On average, equities research analysts forecast that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of large investors have recently bought and sold shares of the business. Swiss National Bank boosted its stake in Rocket Companies by 4.1% in the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock worth $3,448,000 after purchasing an additional 9,300 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Rocket Companies in the first quarter valued at about $2,698,000. Raymond James & Associates lifted its position in Rocket Companies by 48.7% during the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after buying an additional 98,397 shares in the last quarter. Philip James Wealth Mangement LLC bought a new stake in Rocket Companies during the 3rd quarter worth about $6,811,000. Finally, Boston Partners grew its stake in shares of Rocket Companies by 4.2% during the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after purchasing an additional 381,841 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors.

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.