JPMorgan Chase & Co. Cuts Rocket Companies (NYSE:RKT) Price Target to $15.50

Key Points

• JPMorgan Chase & Co. lowered its price target on Rocket Companies from $16.00 to $15.50 and kept a neutral rating, implying about 9.27% upside from the current price.
• Rocket Companies shares were down 1.4% on the day to $14.19, leaving the stock below both its 200-day moving average of $16.45 and well under its 52-week high of $24.36.
• Despite the cautious analyst outlook, Rocket Companies recently reported better-than-expected earnings of $0.15 EPS and $2.82 billion in revenue, with revenue jumping 167.1% year over year.

Rocket Companies (NYSE:RKT - Get Free Report) had its price objective cut by JPMorgan Chase & Co. from $16.00 to $15.50 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 9.27% from the stock's current price.

RKT has been the subject of a number of other reports. Citizens Jmp initiated coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a "market perform" rating for the company. Wells Fargo & Company dropped their price target on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 9th. Keefe, Bruyette & Woods cut their price objective on Rocket Companies from $21.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, June 25th. Benchmark started coverage on Rocket Companies in a research report on Monday, June 29th. They issued a "buy" rating and a $21.00 price objective for the company. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.67.

Rocket Companies Trading Down 1.4%

NYSE:RKT traded down $0.20 during mid-day trading on Monday, hitting $14.19. The company had a trading volume of 6,353,918 shares, compared to its average volume of 29,002,637. Rocket Companies has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The business's fifty day moving average is $14.14 and its two-hundred day moving average is $16.45. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The firm has a market cap of $40.14 billion, a P/E ratio of 283.98 and a beta of 2.16.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company's revenue for the quarter was up 167.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 EPS. As a group, research analysts expect that Rocket Companies will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Truvestments Capital LLC acquired a new stake in Rocket Companies in the 4th quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new position in shares of Rocket Companies during the 4th quarter worth about $26,000. Pinnacle Bancorp Inc. grew its holdings in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock valued at $29,000 after acquiring an additional 1,183 shares in the last quarter. City State Bank bought a new position in shares of Rocket Companies in the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co bought a new position in shares of Rocket Companies in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 4.59% of the company's stock.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company's core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.

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