Morgan Stanley Initiates Coverage on Rocket Companies (NYSE:RKT)

Stock analysts at Morgan Stanley initiated coverage on shares of Rocket Companies (NYSE:RKT) in a research note issued to investors on Tuesday, StockNewsAPI reports. The brokerage set an “equal weight” rating and a $18.00 price target on the stock. Morgan Stanley’s target price would suggest a potential upside of 11.66% from the company’s previous close.

A number of other research analysts have also recently commented on RKT. Wedbush raised their target price on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. UBS Group boosted their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a report on Monday, September 16th. Barclays increased their price target on shares of Rocket Companies from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. boosted their price objective on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and a consensus price target of $15.15.

Rocket Companies Trading Up 0.8 %

Shares of NYSE RKT traded up $0.12 during midday trading on Tuesday, hitting $16.12. 432,526 shares of the company traded hands, compared to its average volume of 2,795,752. Rocket Companies has a 12-month low of $7.85 and a 12-month high of $21.38. The firm has a market cap of $32.07 billion, a P/E ratio of 230.32 and a beta of 2.46. The stock has a 50-day moving average price of $18.36 and a 200 day moving average price of $16.13. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently bought and sold shares of the business. Swiss National Bank boosted its holdings in shares of Rocket Companies by 4.1% during the 1st quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after acquiring an additional 9,300 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Rocket Companies in the 1st quarter worth approximately $2,698,000. Raymond James & Associates raised its stake in Rocket Companies by 48.7% during the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock valued at $5,769,000 after buying an additional 98,397 shares during the last quarter. Boston Partners lifted its holdings in shares of Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after buying an additional 381,841 shares during the period. Finally, Bleakley Financial Group LLC purchased a new position in shares of Rocket Companies in the 3rd quarter worth $196,000. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.