Rocket Companies (NYSE:RKT) Price Target Cut to $13.00 by Credit Suisse Group Analysts

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Rocket Companies (NYSE: RKT – Get Note) had its price target reduced by Credit Suisse Group research analysts from $16.00 to $13.00 in a research report released on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Credit Suisse Group’s target price indicates an upside potential of 8.97% from the company’s current price.

Several other research companies have also recently weighed in on RKT. Wells Fargo & Company cut its price target on Rocket Companies stock from $20.00 to $17.00 and set an “equal weight” rating on the stock in a Thursday, Dec. 16 research note. Piper Sandler cut her price target on Rocket Companies shares from $19.00 to $18.00 in a Wednesday, Jan. 5 research note. JPMorgan Chase & Co. moved shares of Rocket Companies from an “underweight” rating to an “overweight” rating and lowered its price target for the stock from $17.50 to $15.00 in a research note from Wednesday, January 19. Bank of America downgraded shares of Rocket Companies from a “neutral” rating to an “underperforming” rating and lowered its price target for the stock from $21.00 to $11.00 in a rating of research on Tuesday. Finally, Barclays raised its price target on Rocket Companies shares from $18.00 to $19.00 in a Monday, January 10 research note. One equity research analyst gave the stock a sell rating, eleven gave the stock a hold rating and two gave the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.88.

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This emerging company has the first clinically proven product to help with muscle loss.

RKT was up $0.37 in Friday’s midday session, hitting $11.93. 176,687 shares of the company have been traded, against an average volume of 5,345,621. The company has a current ratio of 24.49, a quick ratio of 24.49 and a debt ratio of 2.38. The company has a market capitalization of $23.67 billion, a price-earnings ratio of 3.86, a PEG ratio of 0.85 and a beta of 1.67. Rocket Companies has a 52-week low of $10.55 and a 52-week high of $43.00. The company has a 50-day simple moving average of $13.34 and a two-hundred-day simple moving average of $15.46.

Rocket Companies (NYSE:RKT – Get Rating) last released quarterly earnings data on Thursday, February 24. The company reported earnings per share (EPS) of $0.32 for the quarter, missing Thomson Reuters consensus estimate of $0.37 per ($0.05). The company posted revenue of $2.59 billion for the quarter, versus $2.62 billion expected by analysts. Rocket Companies had a net margin of 2.66% and a return on equity of 70.94%. The company’s revenue for the quarter was down 44.6% year over year. In the same period a year earlier, the company had earned earnings per share of $1.12. Equity research analysts expect Rocket Companies to post earnings per share of 2.22 for the current year.

Several institutional investors and hedge funds have recently changed their positions in the company. Bank of Montreal Can increased its holdings of Rocket Companies shares by 174.6% in the second quarter. Bank of Montreal Can now owns 14,578 shares of the company valued at $294,000 after buying an additional 9,270 shares last quarter. Squarepoint Ops LLC increased its holdings of Rocket Companies stock by 75.1% in the second quarter. Squarepoint Ops LLC now owns 78,015 shares of the company valued at $1,510,000 after purchasing an additional 33,448 shares last quarter. Advisor Group Holdings Inc. increased its holdings of Rocket Companies shares by 2.8% in the third quarter. Advisor Group Holdings Inc. now owns 110,065 shares of the company valued at $1,766,000 after buying 3,020 additional shares in the last quarter. Invesco Ltd. increased its holdings of Rocket Companies stock by 19.5% in the second quarter. Invesco Ltd. now owns 6,710,245 shares of the company valued at $129,844,000 after purchasing an additional 1,093,106 shares last quarter. Finally, Baltimore Washington Financial Advisors Inc. increased its stake in Rocket Companies by 1.9% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 298,563 shares of the company worth $4,788,000 after acquiring 5,469 additional shares in the last quarter. Institutional investors and hedge funds own 3.70% of the company’s shares.

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 in 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 sales support to nationwide online car rental and car buying platforms; and Rocket Loans, an online personal loan company.

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Analyst Recommendations for Rocket Companies (NYSE: RKT)

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