JPMorgan Chase & Co. Issues Pessimistic Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price target cut by equities researchers at JPMorgan Chase & Co. from $16.00 to $15.50 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 9.27% from the company’s current price.

Several other brokerages also recently commented on RKT. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Stephens assumed coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective for the company. Finally, Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. One 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.67.

Rocket Companies Stock Down 1.4%

RKT traded down $0.20 during trading on Monday, reaching $14.19. 6,353,918 shares of the stock were exchanged, compared to its average volume of 29,002,637. The stock has a market cap of $40.14 billion, a P/E ratio of 283.98 and a beta of 2.16. Rocket Companies has a twelve month low of $12.17 and a twelve month high of $24.36. The stock’s 50 day moving average price is $14.14 and its two-hundred day moving average price is $16.45. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 earnings per share. Equities analysts expect that Rocket Companies will post 0.61 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after buying an additional 64,311,040 shares during the last quarter. ValueAct Holdings L.P. boosted its holdings in shares of Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after acquiring an additional 13,985,025 shares in the last quarter. Nuveen LLC boosted its holdings in shares of Rocket Companies by 5.5% during the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after acquiring an additional 1,706,659 shares in the last quarter. Morgan Stanley grew its position in Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after acquiring an additional 22,196,782 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Rocket Companies by 11,636.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after purchasing an additional 25,966,725 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Company Profile

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.