Barclays Cuts Rocket Companies (NYSE:RKT) Price Target to $15.00

Rocket Companies (NYSE:RKT) had its price objective decreased by Barclays from $17.00 to $15.00 in a research note published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research firms have also recently commented on RKT. Benchmark dropped their price objective on Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, August 10th. Wells Fargo & Company lowered their price target on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. Finally, BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies currently has an average rating of “Moderate Buy” and an average target price of $19.29.

Rocket Companies Price Performance

RKT stock opened at $11.41 on Monday. Rocket Companies has a 1 year low of $10.99 and a 1 year high of $24.36. 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 stock’s 50 day moving average price is $13.27 and its 200 day moving average price is $13.98. The firm has a market cap of $32.31 billion, a P/E ratio of 81.51, a PEG ratio of 3.27 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last released 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. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter last year, the business posted $0.04 earnings per share. Rocket Companies’s revenue was up 91.9% compared to the same quarter last year. On average, sell-side analysts expect that Rocket Companies will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Rocket Mortgage CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total transaction of $2,949,750.00. Following the completion of the sale, the insider directly owned 7,953,027 shares in the company, valued at $104,264,183.97. This represents a 2.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 450,000 shares of company stock worth $5,687,074 over the last quarter. Company insiders own 57.68% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Institutional investors have recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of Rocket Companies in the 1st quarter worth about $34,000. Summit Securities Group LLC purchased a new stake in shares of Rocket Companies during the 1st quarter worth about $60,000. Hilltop National Bank grew its holdings in shares of Rocket Companies by 44,581.8% during the 2nd quarter. Hilltop National Bank now owns 4,915 shares of the company’s stock worth $77,000 after purchasing an additional 4,904 shares during the period. Jessup Wealth Management Inc acquired a new stake in Rocket Companies during the 4th quarter worth approximately $107,000. Finally, Centaurus Financial Inc. acquired a new stake in Rocket Companies during the 1st quarter worth approximately $101,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.