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

Rocket Companies (NYSE:RKT) had its price target decreased by analysts at Barclays from $19.00 to $17.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 14.35% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Compass Point initiated coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Benchmark began coverage on shares of Rocket Companies in a research report on Monday, June 29th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. One equities 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 presently has an average rating of “Moderate Buy” and a consensus price target of $20.73.

Rocket Companies Stock Performance

Rocket Companies stock traded down $0.68 during mid-day trading on Tuesday, reaching $14.87. 9,897,025 shares of the company’s stock were exchanged, compared to its average volume of 29,101,883. The business’s fifty day simple moving average is $14.20 and its 200 day simple moving average is $16.57. The firm has a market capitalization of $42.06 billion, a PE ratio of 297.12 and a beta of 2.16. Rocket Companies has a one year low of $12.17 and a one year high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business’s revenue was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.04 earnings per share. On average, sell-side analysts expect that Rocket Companies will post 0.61 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently modified their holdings of RKT. CoreCap Advisors LLC raised its position in shares of Rocket Companies by 368.6% in the second quarter. CoreCap Advisors LLC now owns 7,230 shares of the company’s stock valued at $114,000 after purchasing an additional 5,687 shares during the period. Hilltop National Bank boosted its holdings in Rocket Companies by 44,581.8% in the 2nd quarter. Hilltop National Bank now owns 4,915 shares of the company’s stock worth $77,000 after buying an additional 4,904 shares during the period. CX Institutional grew its stake in Rocket Companies by 7.8% in the 2nd quarter. CX Institutional now owns 132,700 shares of the company’s stock valued at $2,090,000 after buying an additional 9,605 shares in the last quarter. NewEdge Advisors LLC grew its stake in Rocket Companies by 96.0% in the 1st quarter. NewEdge Advisors LLC now owns 44,434 shares of the company’s stock valued at $633,000 after buying an additional 21,765 shares in the last quarter. Finally, Carlson Capital L.P. bought a new stake in Rocket Companies during the 1st quarter valued at $534,000. Hedge funds and other institutional investors 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.