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 analyst Donald Fandetti maintained Rocket with an Equal-Weight rating and lowered the price target from $13 to $8.
- Citigroup 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.
