Rocket Companies (NYSE:RKT) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut Rocket Companies’ price target from $14.00 to $12.50 while maintaining a “neutral” rating, implying roughly 12% upside from the stock’s then-current price.
• RKT shares fell 2.7% to $11.16, near their 52-week low of $10.99. Despite mixed analyst targets, the stock held a consensus “Moderate Buy” rating with an average target of $19.12.
• Rocket reported quarterly earnings in line with estimates at $0.16 per share, while revenue rose 91.9% year over year to $2.76 billion; CEO Jesse Bray also sold 92,300 shares under a pre-arranged trading plan.

Rocket Companies (NYSE:RKT - Get Free Report) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $14.00 to $12.50 in a report issued on Monday, Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 11.96% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Barclays dropped their price target on Rocket Companies from $17.00 to $15.00 and set an "overweight" rating on the stock in a research report on Monday, October 5th. Keefe, Bruyette & Woods reduced their price target on Rocket Companies from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Rocket Companies from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday. Benchmark decreased their target price on shares of Rocket Companies from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Finally, Wells Fargo & Company set a $13.00 price target on Rocket Companies and gave the stock an "equal weight" rating in a research report on Tuesday, October 6th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of "Moderate Buy" and an average price target of $19.12.

Rocket Companies Trading Down 2.7%

RKT stock traded down $0.32 during mid-day trading on Monday, reaching $11.16. 11,600,205 shares of the stock traded hands, compared to its average volume of 29,672,549. Rocket Companies has a one year low of $10.99 and a one year high of $24.36. The stock has a market capitalization of $31.62 billion, a PE ratio of 79.75, a PEG ratio of 3.24 and a beta of 2.23. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.85 and a current ratio of 4.85. The business has a 50-day moving average price of $13.21 and a two-hundred day moving average price of $13.94.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%. The company's revenue for the quarter was up 91.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 earnings per share. Equities research analysts expect that Rocket Companies will post 0.51 EPS for the current year.

Insider Activity at Rocket Companies

In other Rocket Companies news, CEO Jesse Bray sold 92,300 shares of the business's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $12.39, for a total value of $1,143,597.00. Following the completion of the transaction, the chief executive officer directly owned 7,728,027 shares of the company's stock, valued at approximately $95,750,254.53. The trade was a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 450,000 shares of company stock valued at $5,687,074 in the last quarter. 57.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of RKT. Fred Alger Management LLC grew its stake in Rocket Companies by 67.6% in the 4th quarter. Fred Alger Management LLC now owns 10,190,918 shares of the company's stock worth $197,296,000 after acquiring an additional 4,112,118 shares during the period. Amundi boosted its holdings in Rocket Companies by 152.1% in the first quarter. Amundi now owns 13,725,878 shares of the company's stock valued at $195,594,000 after purchasing an additional 8,280,463 shares during the last quarter. Wellington Management Group LLP grew its stake in Rocket Companies by 64.5% in the second quarter. Wellington Management Group LLP now owns 9,029,295 shares of the company's stock worth $142,211,000 after purchasing an additional 3,541,916 shares in the last quarter. Wolf Hill Capital Management LP lifted its holdings in Rocket Companies by 186.8% in the fourth quarter. Wolf Hill Capital Management LP now owns 7,221,758 shares of the company's stock worth $139,813,000 after acquiring an additional 4,703,760 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. grew its position in Rocket Companies by 76.9% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 5,543,600 shares of the company's stock worth $87,312,000 after purchasing an additional 2,410,400 shares during the last quarter. Hedge funds and other 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.

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