Wells Fargo and company enhanced actions of Rocket Companies (NYSE: RKT – Get a rating) of a weight rating equal to an overweight rating in a research note published Wednesday morning, Market Beat Ratings reports. Wells Fargo and company currently has a target price of $10.00 on the stock.
Several other research analysts have also published reports on RKT. Royal Bank of Canada reduced its price target on Rocket Companies from $18.00 to $9.00 in a Thursday, May 12 research report. Citigroup downgraded Rocket Companies from a buy rating to a neutral rating and lowered its price target for the stock from $14.00 to $8.00 in a Wednesday, May 11 research report. Morgan Stanley cut its price target on Rocket Companies from $12.00 to $11.00 and set an equal weight rating for the stock in a Thursday, April 7 research report. Argus downgraded Rocket Companies from a buy rating to a hold rating in a Tuesday, May 31 research report. Finally, Barclays reduced its price target on Rocket Companies from $14.00 to $13.00 and set an equal weighting rating for the stock in a Tuesday, April 12 research report. One analyst has assigned the stock a sell rating, ten have issued a hold rating and two have assigned the company’s stock a buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $11.35.
Shares of RKT opened at $8.41 on Wednesday. The company has a market capitalization of $16.57 billion, a price-earnings ratio of 5.07, a PEG ratio of 2.88 and a beta of 1.41. The company has a debt ratio of 1.40, a quick ratio of 13.54 and a current ratio of 13.54. The company’s fifty-day moving average price is $8.18 and its two-hundred-day moving average price is $10.72. Rocket Companies has a 52-week low of $6.27 and a 52-week high of $19.59.
Rocket Companies (NYSE: RKT – Get a rating) last reported quarterly earnings data on Tuesday, May 10. The company reported EPS of $0.12 for the quarter, missing analyst consensus estimates of $0.16 per ($0.04). The company posted revenue of $1.93 billion in the quarter, versus a consensus estimate of $2.24 billion. Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. The company’s quarterly revenue was down 52.2% year over year. In the same quarter a year earlier, the company posted earnings of $0.55 per share. As a group, research analysts expect Rocket Companies to post 0.26 EPS for the current year.
In other news, CEO Jay Farner bought 20,300 shares of the company in a transaction on Monday, April 11. The shares were purchased at an average price of $9.82 per share, with a total value of $199,346.00. Following the purchase, the CEO now directly owns 1,640,507 shares of the company, valued at approximately $16,109,778.74. The transaction was disclosed in an SEC filing, available at this link. Insiders purchased a total of 794,100 shares of the company worth $6,586,604 over the past ninety days. 94.01% of the shares are currently held by insiders of the company.
Institutional investors and hedge funds have recently increased or reduced their stakes in the company. Envestnet Asset Management Inc. increased its stake in shares of Rocket Companies by 163.6% in Q4. Envestnet Asset Management Inc. now owns 216,979 shares of the company valued at $3,038,000 after purchasing an additional 134,676 shares during the period. Chiron Capital Management LLC acquired a new stake in shares of Rocket Companies in Q1 worth approximately $177,000. Invesco Ltd. increased its position in Rocket Companies shares by 10.0% in the fourth quarter. Invesco Ltd. now owns 10,298,814 shares of the company valued at $144,183,000 after acquiring an additional 934,907 shares in the last quarter. Millennium Management LLC increased its position in Rocket Companies shares by 255.9% in the third quarter. Millennium Management LLC now owns 257,636 shares of the company valued at $4,132,000 after acquiring an additional 185,236 shares in the last quarter. Finally, Oak Thistle LLC acquired a new stake in shares of Rocket Companies in the fourth quarter worth approximately $331,000. 3.71% of the shares are currently held by hedge funds and other institutional investors.
Company Profile Rocket Companies (Get a rating)
Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.
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