Rocket Companies, Inc. (NYSE: RKT) stock price hit a new 52-week low on Friday as a direct result of Piper Sandler lowering her price target on the company’s stock of 9.00 $ to $8.00 when trading that day. This caused the stock price of Rocket Companies, Inc. to fall to a new 52-week low. The stock price fluctuated from a low of $6.23 to a high of $6.32 throughout the trading of 8198 shares during the session. When the stock last traded, its price was $6.47, which had been there for quite some time.
Other stock analysts have also expressed their opinion on the company in question. In a research report released by JPMorgan Chase & Co. on Tuesday, September 6, the investment bank lowered its rating for Rocket Companies from “overweight” to “neutral.” Additionally, the company has revised its price target, lowering it from $11.00 to $8.50. In a research note published on August 9, Citigroup announced its decision to increase its target price for Rocket Companies to $10.00. Keefe, Bruyette & Woods lowered their rating on Rocket Companies shares from “market performer” to “underperformer”. They now have a price target of $6.50 for the company’s stock price. A report on a study was made available to the public on Sunday, August 7. On Wednesday, July 6, Wells Fargo & Company released a research note that moved Rocket Companies from “equal weight” to “overweight” and set a price target of $10.00 on the stock. The note also included the company’s price target for the stock. In a research note published on Tuesday, August 9, Barclays announced that the company would lower its price target for Rocket Companies to $7.00. Two research analysts recommended selling the stock; nine research analysts provided a hold rating for the stock and one research analyst provided a buy rating for the stock. According to information from Bloomberg.com, the current consensus recommendation for the stock is “Hold”, and the average price target per share is $9.04.
Rocket Companies CEO Jay Farner purchased 30,000 shares of the company on September 28. This news is part of a series of related events. The total share price was $199,500.00, which equates to an average price of $6.65 per share. As a result of the transaction, the CEO now directly owns 4,385,107 shares of the company, which have a combined value of $29,160,961.55. The Securities and Exchange Commission has received legal documentation on the transaction, which can be viewed in full by following the link provided in the previous sentence. The documentation has been provided to the SEC. Over the past three months, company insiders have purchased 6,839,486 shares, or the equivalent of 800,600 shares of the underlying company. Currently, members of the company’s management and other company insiders own a total of 94.01% of the company’s shares.
Recently, institutional investors have changed the way they hold their company shares in their portfolios. During the second quarter, Castle Wealth Management LLC acquired an additional stake in Rocket Companies, which was worth approximately $25,000 at the time of the transaction. Rockefeller Capital Management LP increased its stake in Rocket Companies by 173.2% in the last three months of 2018. Rockefeller Capital Management LP now owns a total of 3,500 shares, valued at $49,000 following the acquisition of 2 219 additional shares in the last quarter. . Ancora Advisors LLC initiated a new position in Rocket Companies by purchasing approximately $81,000 of company stock during the first three months of 2018. During the second quarter, FMR LLC achieved a 134.7% increase in the proportion of shares of Rocket Companies that she held. . FMR LLC now owns 3,598 shares of the company after purchasing an additional 2,065 shares in the most recent period. The total value of FMR LLC’s holdings in the company’s shares totals $26,000.
Last but not least, in the first three months of 2018, US Bancorp DE increased the total amount it held in Rocket Companies by 341.4%. US Bancorp DE now owns 4,414 shares of the company following the acquisition of 3,414 additional shares in the most recent period. Each share of the company is currently valued at $49,000. In addition, the various institutions that make up the ownership of the company hold 4.16% of the shares of the company.
These three ratios, the current ratio, the quick ratio and the debt ratio, all sit at 14.97, while the debt ratio sits at 1.46. The simple moving average price of the company’s stock over the past 50 days is $8.71 and the average price over the past 200 days is $8.87. The company has a price/earnings ratio of 5.05, a price/earnings/growth ratio of 51.62 and a beta value of 1.76. Its market cap is $12.59 billion.
On Thursday, August 4, Rocket Companies (NYSE: RKT) released its latest quarterly financial results. The company was determined to earn $0.03 in earnings per share for the quarter, $0.05 below the consensus estimate of $0.02 per share. Analysts’ estimate range for the company’s quarterly sales was $1.53 billion to $1.39 billion, with the average estimate falling in the middle. Rocket Companies’ return on equity was 19.79%, while the company’s net margin was 1.85%. Rocket Companies reported a 47.8% decline in revenue for the quarter compared to the prior year period. In the same period as a year earlier, the company posted earnings per share of $0.44. Sell-side research analysts expect Rocket Companies, Inc. to earn $0.03 per share in the current fiscal year.
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 and Partner Network are the two pillars that support the business model of the company and help it run efficiently. Rocket Mortgage is a mortgage lender, Rocket Loans is a mortgage lender, Rocket Homes is a home search engine and realtor referral network, and Rocket Auto is an automotive retail marketplace. Rocket Loans is a mortgage lender. In addition to property appraisal and settlement services, Amrock also provides title insurance. Home loans are provided by a company known as Rocket Mortgage. Mortgages are Rocket Loans’ specialty. By including technological solutions in their services, these companies facilitate the purchase and sale of real estate.