Rocket Companies (NYSE:RKT) Price Target Cut to $10.50 by Analysts at JPMorgan Chase & Co.

Rocket Companies (NYSE:RKT - Get Free Report) had its price objective dropped by analysts at JPMorgan Chase & Co. from $14.00 to $10.50 in a report issued on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 5.58% from the company's previous close.

Other analysts also recently issued research reports about the company. Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, December 19th. Wedbush restated a "neutral" rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. The Goldman Sachs Group decreased their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods cut their target price on shares of Rocket Companies from $11.50 to $10.50 and set an "underperform" rating on the stock in a research note on Friday, January 3rd. Finally, Bank of America raised 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. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, Rocket Companies currently has an average rating of "Hold" and an average price target of $13.50.

Rocket Companies Price Performance

Shares of RKT traded up $0.70 during midday trading on Tuesday, reaching $11.12. The stock had a trading volume of 5,807,315 shares, compared to its average volume of 3,092,293. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The company has a market capitalization of $22.18 billion, a P/E ratio of -69.50 and a beta of 2.42. The firm's 50 day moving average price is $12.85 and its 200-day moving average price is $15.81.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business's quarterly revenue was down 46.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) earnings per share. On average, analysts forecast that Rocket Companies will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Rocket Companies during the third quarter worth $39,000. Quarry LP boosted its stake in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company's stock worth $60,000 after acquiring an additional 3,899 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Rocket Companies during the 3rd quarter valued at about $120,000. Blue Trust Inc. raised its stake in shares of Rocket Companies by 54.1% in the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company's stock valued at $124,000 after acquiring an additional 2,261 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Rocket Companies by 3,429.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company's stock valued at $142,000 after acquiring an additional 7,168 shares in the last quarter. 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.