Rocket Companies (NYSE:RKT) Sets New 52-Week Low Following Analyst Downgrade

Shares of Rocket Companies, Inc. (NYSE:RKT) hit a new 52-week low on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $12.50. JPMorgan Chase & Co. currently has a neutral rating on the stock. Rocket Companies traded as low as $10.78 and last traded at $10.8120, with a volume of 39,511,599 shares. The stock had previously closed at $11.48.

Other equities research analysts also recently issued reports about the stock. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Wells Fargo & Company set a $13.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, October 6th. BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Barclays decreased their price target 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. Finally, Weiss Ratings raised shares of Rocket Companies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.12.

Insider Buying and Selling

In other news, CEO Jesse Bray sold 92,300 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $12.39, for a total value of $1,143,597.00. Following the transaction, the chief executive officer directly owned 7,728,027 shares in the company, valued at $95,750,254.53. This trade represents a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 450,000 shares of company stock worth $5,687,074 in the last ninety days. Corporate insiders own 57.68% of the company’s stock.

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of RKT. Red Door Wealth Management LLC raised its holdings in shares of Rocket Companies by 6.7% during the 1st quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock valued at $159,000 after buying an additional 698 shares during the period. Valeo Financial Advisors LLC lifted its position in Rocket Companies by 4.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company’s stock worth $322,000 after acquiring an additional 823 shares in the last quarter. NewEdge Wealth LLC lifted its position in Rocket Companies by 9.5% during the 1st quarter. NewEdge Wealth LLC now owns 14,457 shares of the company’s stock worth $206,000 after acquiring an additional 1,253 shares in the last quarter. HB Wealth Management LLC lifted its position in Rocket Companies by 4.9% during the 2nd quarter. HB Wealth Management LLC now owns 27,040 shares of the company’s stock worth $426,000 after acquiring an additional 1,258 shares in the last quarter. Finally, World Investment Advisors boosted its holdings in Rocket Companies by 5.5% in the 1st quarter. World Investment Advisors now owns 28,667 shares of the company’s stock worth $409,000 after acquiring an additional 1,489 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

The stock has a market cap of $29.85 billion, a PE ratio of 75.31, a PEG ratio of 3.17 and a beta of 2.23. The stock has a fifty day simple moving average of $13.02 and a two-hundred day simple moving average of $13.87. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.85 and a current ratio of 4.85.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $2.81 billion. During the same quarter last year, the firm posted $0.04 earnings per share. The business’s quarterly revenue was up 91.9% on a year-over-year basis. Equities analysts anticipate that Rocket Companies, Inc. will post 0.49 EPS for the current fiscal year.

About Rocket Companies

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.