JPMorgan Chase & Co. Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price cut by analysts at JPMorgan Chase & Co. from $14.00 to $12.50 in a research report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 11.96% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of Rocket Companies from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Barclays lowered their target price on shares of Rocket Companies from $17.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, October 5th. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, August 10th. Wells Fargo & Company set a $13.00 price objective on shares of Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, October 6th. Finally, BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies presently has an average rating of “Moderate Buy” and a consensus price target of $19.12.

Rocket Companies Stock Performance

Shares of RKT traded down $0.32 on Monday, reaching $11.16. 11,600,205 shares of the stock traded hands, compared to its average volume of 29,672,549. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. The firm has a market cap of $31.62 billion, a price-to-earnings ratio of 79.75, a P/E/G ratio of 3.24 and a beta of 2.23. Rocket Companies has a 12 month low of $10.99 and a 12 month high of $24.36. The stock’s 50-day moving average price is $13.21 and its 200-day moving average price is $13.94.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the previous year, the company earned $0.04 EPS. The firm’s revenue for the quarter was up 91.9% compared to the same quarter last year. Equities analysts forecast that Rocket Companies will post 0.51 EPS for the current fiscal year.

Insider Activity at Rocket Companies

In other Rocket Companies news, Rocket Mortgage CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $13.11, for a total transaction of $2,949,750.00. Following the sale, the insider directly owned 7,953,027 shares of the company’s stock, valued at $104,264,183.97. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 450,000 shares of company stock worth $5,687,074. 57.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently added to or reduced their stakes in RKT. Cassaday & Co Wealth Management LLC purchased a new position in shares of Rocket Companies during the 1st quarter valued at about $34,000. Summit Securities Group LLC purchased a new position in shares of Rocket Companies during the first quarter valued at approximately $60,000. Hilltop National Bank boosted its stake 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 purchasing an additional 4,904 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in shares of Rocket Companies during the first quarter valued at approximately $101,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Rocket Companies during the second quarter valued at $113,000. 4.59% of the stock is currently owned by institutional investors.

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.