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Why Rocket Companies Shares Are Falling

Published 11/05/2022, 14:33
Updated 11/05/2022, 15:11
© Reuters. Why Rocket Companies Shares Are Falling
RKT
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Rocket Companies Inc (NYSE: RKT) shares are trading lower Wednesday after the company announced financial results.

Rocket Companies said first-quarter revenue declined 41% year-over-year to $2.7 billion. First-quarter adjusted revenue totaled $1.93 billion, which was down from $4.04 billion year-over-year. The company reported quarterly adjusted earnings of 15 cents per share, which was down from 91 cents per share year-over-year.

Rocket Companies said closed loan originations totaled $53.98 billion in the first quarter, which was down from $103.53 billion in the prior year quarter.

Rocket expects closed loan volume to be between $35 billion and $40 billion in the second quarter. Net rate lock volume is expected to be between $31 billion and $38 billion.

Analyst Assessment:

  • Wells Fargo (NYSE:WFC) analyst Donald Fandetti maintained Rocket with an Equal-Weight rating and lowered the price target from $13 to $8.
  • Citigroup (NYSE:C) analyst Arren Cyganovich downgraded Rocket from a Buy rating to a Neutral rating and lowered the price target from $14 to $8.

RKT Price Action: Rocket Companies shares are making new 52-week lows on Wednesday.

The stock was down 9.09% at $7.10 at time of publication.

Photo: Erik Drost from Flickr.

Latest Ratings for RKT

Feb 2022 Barclays (LON:BARC)MaintainsEqual-Weight
Feb 2022CitigroupMaintainsBuy
Feb 2022 Credit Suisse (SIX:CSGN)MaintainsNeutral

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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