According to Stock Target Advisor, Wells Fargo & Company lowered its price target for Rocket Companies (NYSE: RKT) in a research report released on Friday, lowering it from $10.00 to $7.00. The report focused on the company’s forecast for the stock’s performance in the coming months. The company providing the ratings has determined that the stock should be classified as “overweight”. Wells Fargo & Company’s price target indicates that the stock price may rise 10.58% from its current price.
Recent events have allowed RKT to receive comments from a wide variety of additional stock research professionals. In a research note made available on Friday, Morgan Stanley revealed that it had lowered its “equal weight” rating for shares of Rocket Companies and its target price for those shares, which had previously been set at $7.00. The new target price is $6.50. Keefe, Bruyette & Woods, an investment firm, reclassified shares of Rocket Companies from “market performance” to “underperformance” and set a price target of $6.50 for the company. Also, they downgraded Rocket Companies from “underperforming” to “market performing”. JPMorgan Chase & Co. lowered its price target on Rocket Companies shares from $8.50 to $8.00 and rated the company as “neutral” in a report released Tuesday, October 18. This information was made public on August 7. Citigroup revealed that it would raise its target price for Rocket Companies stock to ten dollars per share in a report released Tuesday, August 9 for the company’s stock. In a research report published Friday, September 30, Piper Sandler called the action “neutral.” The company lowered its price target on shares of Rocket Companies from $9.00 to $8.00. These two measures were taken in conjunction with the publication of the report. Piper Sandler also lowered her price target on the stock that she had previously set. A total of ten buy ratings, nine hold ratings and two sell ratings have been assigned to the stock by various analysts. An analyst recommended selling the shares. The current average rating for Rocket Companies is “Hold,” and data obtained from Bloomberg.com indicates that the company’s consensus for the price target is currently set at $7.85. Additionally, the company currently has a “Hold” rating.
RKT stock fell $0.18 midday on Friday, taking the price per share to $6.33. Only 80,165 shares of the company were traded, which is significantly lower than the average share volume of 3,624,505 shares. The company’s stock price moving average over the past 200 days is $8.21, while the moving average over the past 50 days is $7.09. The lowest price Rocket Companies has been at in the past 52 weeks is $5.97, while the highest price the company has been at in the past 52 weeks is $18.13. The company has a market capitalization of $12.47 billion, a price-to-earnings ratio of 4.91, a growth price-to-earnings ratio of 115.17 and a beta coefficient of 1.74. All of these measures indicate that the company is a relatively stable investment. The debt ratio was calculated at 1.46, the current ratio was calculated at 14.97 and the quick ratio was also calculated at 14.97.
On Thursday, August 4, Rocket Software (NYSE: RKT) shared its latest quarterly earnings report with the investing community. The questionable period resulted in a loss of $0.05 per share for the company. Rocket Companies had a return on equity of 19.79% and its net margin was 1.85%. Return on equity was an impressive number. Revenue for the quarter was $1.39 billion, below analysts’ expectations of $1.53 billion, which had predicted revenue would be higher.
Compared to the prior year results for the same period, the company posted earnings of $0.44 per share. Compared to the same period a year earlier, The Rocket Companies’ reported revenue fell 47.8%. Analysts focusing on stock analysis expect Rocket Companies to generate $0.01 of earnings per share in the current fiscal year.
On the other hand, CEO Jay Farner purchased 19,800 shares of the company on August 10. This was reported in another news. The total cost to purchase all shares was $199,188.00, with individual shares having an average price of $10.06. After reviewing the purchase, the CEO has a total equity stake in the company of 3,568,407 shares, with an estimated value of $35,898,174.42. The Securities and Exchange Commission’s (SEC) website currently contains information about the acquisition that was previously submitted to the SEC for review and approval. Company insiders have spent a total of $7,065,818 buying 962,600 shares over the past three months. Currently, insiders own a percentage of the company’s shares which amounts to 94.01%.
Over the past few months, RKT shares have been actively traded with many large buyers buying and selling shares. Sage Private Wealth Group LLC increased the number of Rocket Companies shares it held by 11.4% during the second quarter. After purchasing an additional 1,041 shares during the reporting period, Sage Private Wealth Group LLC now owns 10,188 shares of the company, or $75,000. These shares were acquired during the period in question. During the second quarter, Northwestern Mutual Wealth Management Company increased the proportion of shares of Rocket Companies it held directly to a level 16.0% higher than before. After making an additional purchase of 1,244 shares in the last fiscal quarter, Northwestern Mutual Wealth Management Co. now owns a total of 9,037 shares, which are currently valued at $67,000. This brings the total number of shares held by the company to 9,037. In the first three months of this year, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased the proportion of Rocket Companies shares held by 7.6%. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns a total stake in the company equal to 17,689 shares for a total of $197,000 after purchasing an additional 1,250 shares of the company in the last fiscal quarter. This brought the total number of shares in the company to 17,689. The Bank of Nova Scotia increased its stake in Rocket Companies by 3.3% in the first three months of 2018. There are currently 61,090 shares of the company held directly by the Bank of Nova Scotia, valued at $679,000. Indeed, the company bought 1,953 additional shares during the last fiscal quarter.
Finally, FMR LLC increased its holdings in Rocket Companies by 134.7% during the second quarter. This is certainly not the most important development. Hedge funds and other institutional investors now control 4.16% of the company’s stock, which amounts to 3,598 shares and has a current value of $26,000. This was made possible by the acquisition of 2,065 additional shares during the previous quarter.
Rocket Companies, Inc. is engaged in the technology-driven real estate, mortgage, and online retail businesses in the United States and Canada. Direct to Consumer (DTC) and Partner Network (Partner Network) are the pillars on which it bases its operations for its proper functioning. Rocket Mortgage is a mortgage lender, Rocket Loans is a home loan provider, Rocket Homes is a home search engine and realtor referral network, and Rocket Auto is an automotive retail marketplace. In addition to property appraisal and settlement services, Amrock also provides title insurance. Rocket Mortgage is a mortgage lender. Rocket Loans is a mortgage lender. These companies use technology in their respective services, which facilitates real estate transactions for buyers and sellers.