Wells Fargo & Company Has Lowered Expectations for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its target price dropped by Wells Fargo & Company from $19.00 to $17.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 16.79% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group assumed coverage on shares of Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 target price on the stock. Compass Point began coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price for the company. Citizens Jmp assumed coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock. Keefe, Bruyette & Woods upgraded Rocket Companies from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.79.

Rocket Companies Trading Down 4.2%

Shares of NYSE:RKT opened at $14.56 on Thursday. Rocket Companies has a 52 week low of $10.94 and a 52 week high of $24.36. The company has a market cap of $41.05 billion, a PE ratio of -112.47 and a beta of 2.34. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. The company’s 50 day moving average is $16.50 and its two-hundred day moving average is $18.05.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the firm earned $0.04 earnings per share. The business’s revenue was up 52.2% compared to the same quarter last year. Equities analysts predict that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director directly owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Large investors have recently added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies during the third quarter valued at $25,000. Truvestments Capital LLC acquired a new stake in Rocket Companies in the 4th quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in Rocket Companies during the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. increased its holdings in shares of Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the period. Finally, City State Bank bought a new position in Rocket Companies in the 4th quarter valued at about $30,000. 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.