Barclays Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Key Points

• Barclays cut Rocket Companies’ price target from $17 to $15 while maintaining an “overweight” rating, implying about 28.9% upside from the prior close.
• Rocket shares fell 0.6% to $11.63, near their 52-week low of $11.25. Analysts collectively rate the stock “Moderate Buy,” with an average target price of $19.43.
• The company matched quarterly EPS estimates at $0.16 and reported $2.76 billion in revenue, up 91.9% year over year but below analysts’ $2.81 billion estimate.

Rocket Companies (NYSE:RKT - Get Free Report) had its price objective reduced by equities research analysts at Barclays from $17.00 to $15.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's price objective points to a potential upside of 28.92% from the company's previous close.

RKT has been the topic of a number of other research reports. Morgan Stanley raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Wells Fargo & Company lowered their price objective on shares of Rocket Companies from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Friday, August 7th. Stephens cut their price objective on Rocket Companies from $22.50 to $20.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, August 10th. Finally, Weiss Ratings downgraded Rocket Companies from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $19.43.

Rocket Companies Trading Down 0.6%

Shares of Rocket Companies stock traded down $0.07 during trading on Monday, reaching $11.63. 7,040,552 shares of the stock were exchanged, compared to its average volume of 29,519,020. The stock's fifty day moving average is $13.40 and its 200 day moving average is $14.04. The firm has a market cap of $32.95 billion, a price-to-earnings ratio of 83.25, a price-to-earnings-growth ratio of 3.21 and a beta of 2.23. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. Rocket Companies has a 1 year low of $11.25 and a 1 year high of $24.36.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting analysts' consensus estimates of $0.16. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The business's quarterly revenue was up 91.9% compared to the same quarter last year. During the same period last year, the company earned $0.04 EPS. As a group, equities research analysts expect that Rocket Companies will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Companies

In other news, CEO Jesse Bray sold 132,700 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $12.01, for a total value of $1,593,727.00. Following the sale, the chief executive officer directly owned 7,820,327 shares of the company's stock, valued at $93,922,127.27. This represents a 1.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 57.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. purchased a new stake in Rocket Companies in the second quarter worth about $164,000. Integrated Wealth Concepts LLC lifted its holdings in shares of Rocket Companies by 32.8% during the second quarter. Integrated Wealth Concepts LLC now owns 142,805 shares of the company's stock valued at $2,249,000 after purchasing an additional 35,239 shares during the last quarter. Nykredit A S bought a new stake in shares of Rocket Companies in the 2nd quarter worth approximately $2,980,000. Greenland Capital Management LP boosted its position in shares of Rocket Companies by 84.6% in the 2nd quarter. Greenland Capital Management LP now owns 48,000 shares of the company's stock worth $756,000 after purchasing an additional 22,000 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Rocket Companies in the 2nd quarter worth approximately $113,000. Institutional investors own 4.59% of the company's stock.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based fintech platform that provides digital financial and real estate services primarily to consumers in the United States. Its operations are centered on helping customers obtain, manage and refinance home loans, while also offering related services across the homeownership and personal finance lifecycle.

The company's principal businesses include Rocket Mortgage, a digital mortgage lender and originator; Rocket Homes, a real estate marketplace and agent-referral platform; Rocket Money, a personal finance application that helps users manage subscriptions, budgets and bills; and Rocket Loans, which provides personal loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.