Barclays Lowers Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKT - Get Free Report) had its target price reduced by research analysts at Barclays from $14.00 to $13.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price target points to a potential downside of 8.00% from the company's current price.

Several other research firms also recently commented on RKT. Deutsche Bank Aktiengesellschaft increased their target price on Rocket Companies from $11.00 to $15.00 and gave the company a "hold" rating in a research report on Friday, August 2nd. Bank of America increased their target price on Rocket Companies from $12.00 to $14.00 and gave the company an "underperform" rating in a research report on Thursday, August 29th. Wells Fargo & Company increased their target price on Rocket Companies from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Friday, August 2nd. Morgan Stanley began coverage on Rocket Companies in a research report on Tuesday, November 5th. They issued an "equal weight" rating and a $18.00 target price for the company. Finally, Royal Bank of Canada increased their target price on Rocket Companies from $16.00 to $20.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 11th. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $14.48.

Rocket Companies Price Performance

Shares of RKT stock traded down $1.41 on Wednesday, hitting $14.13. 13,381,400 shares of the company's stock were exchanged, compared to its average volume of 2,889,855. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18. Rocket Companies has a 12 month low of $8.39 and a 12 month high of $21.38. The company has a 50 day moving average of $17.90 and a 200 day moving average of $16.28.

Institutional Investors Weigh In On Rocket Companies

Several large investors have recently added to or reduced their stakes in the business. Lakeshore Financial Planning Inc. grew its stake in Rocket Companies by 8.0% during the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company's stock worth $185,000 after purchasing an additional 1,000 shares during the period. Wedmont Private Capital grew its stake in Rocket Companies by 8.9% in the third quarter. Wedmont Private Capital now owns 15,937 shares of the company's stock valued at $279,000 after acquiring an additional 1,305 shares during the period. Arizona State Retirement System grew its stake in Rocket Companies by 6.0% in the second quarter. Arizona State Retirement System now owns 34,974 shares of the company's stock valued at $479,000 after acquiring an additional 1,979 shares during the period. Capital Performance Advisors LLP acquired a new stake in Rocket Companies in the third quarter valued at approximately $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Rocket Companies by 7.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company's stock valued at $428,000 after acquiring an additional 2,064 shares during the period. Institutional investors and hedge funds 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.