Rocket Companies (NYSE:RKT) Price Target Raised to $16.00

Rocket Companies (NYSE:RKT) had its price objective raised by Royal Bank of Canada from $14.00 to $16.00 in a report issued on Friday, Benzinga reports. The firm currently has a sector perform rating on the stock.

A number of other research firms also recently weighed in on RKT. Wells Fargo & Company boosted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an equal weight rating in a research report on Friday. JPMorgan Chase & Co. boosted their target price on Rocket Companies from $13.50 to $15.00 and gave the company an underweight rating in a research note on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on Rocket Companies from $11.00 to $15.00 and gave the company a hold rating in a research note on Friday. Piper Sandler lifted their price target on Rocket Companies from $12.00 to $13.00 and gave the company a neutral rating in a research report on Tuesday, May 7th. Finally, Wedbush lifted their price target on Rocket Companies from $13.00 to $15.00 and gave the company a neutral rating in a research report on Friday. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $12.31.

Rocket Companies Stock Performance

Shares of Rocket Companies stock traded up $0.49 during trading hours on Friday, hitting $17.74. 6,881,155 shares of the company’s stock traded hands, compared to its average volume of 2,617,962. Rocket Companies has a 12-month low of $7.17 and a 12-month high of $18.40. The stock has a market capitalization of $35.27 billion, a price-to-earnings ratio of 158.65 and a beta of 2.43. The company has a fifty day simple moving average of $14.45 and a 200-day simple moving average of $13.32. The company has a debt-to-equity ratio of 1.20, a current ratio of 12.83 and a quick ratio of 12.83.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.91% and a net margin of 0.29%. The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted ($0.05) EPS. The business’s revenue was up 5.3% compared to the same quarter last year. Equities research analysts anticipate that Rocket Companies will post 0.23 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Hedge funds have recently bought and sold shares of the company. Capital Fund Management S.A. increased its position in Rocket Companies by 27.8% during the fourth quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock valued at $7,271,000 after acquiring an additional 109,278 shares during the last quarter. Swiss National Bank increased its position in Rocket Companies by 4.1% in the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock worth $3,448,000 after buying an additional 9,300 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in Rocket Companies in the fourth quarter worth about $886,000. Jacobs Levy Equity Management Inc. purchased a new stake in Rocket Companies in the first quarter worth about $2,698,000. Finally, Vanguard Group Inc. increased its position in Rocket Companies by 10.4% in the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after buying an additional 1,101,325 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

About Rocket Companies

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.