JPMorgan Chase & Co. Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective decreased by analysts at JPMorgan Chase & Co. from $19.00 to $14.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.63% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Bank of America increased their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday, November 14th. Morgan Stanley assumed coverage on Rocket Companies in a report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price objective on the stock. Wedbush reaffirmed a “neutral” rating and set a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. UBS Group lowered their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a report on Thursday, November 14th. Finally, Royal Bank of Canada cut 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 research report on Wednesday, November 13th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average target price of $14.71.

Rocket Companies Stock Performance

Shares of NYSE:RKT traded down $0.19 during mid-day trading on Monday, reaching $13.38. The company had a trading volume of 978,629 shares, compared to its average volume of 2,888,600. Rocket Companies has a one year low of $10.35 and a one year high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The company’s 50-day moving average price is $15.93 and its 200-day moving average price is $16.31. The firm has a market cap of $26.69 billion, a price-to-earnings ratio of -83.63 and a beta of 2.38.

Rocket Companies (NYSE:RKT) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The firm 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%. The business’s revenue was down 46.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) earnings per share. As a group, equities research analysts anticipate that Rocket Companies will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Rocket Companies by 44.7% during the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after buying an additional 1,269,795 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rocket Companies by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock worth $39,235,000 after acquiring an additional 12,735 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Rocket Companies by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after purchasing an additional 72,308 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Rocket Companies during the 2nd quarter valued at $10,811,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.