Rocket Companies, Inc. (NYSE:RKT) Receives $14.21 Average Target Price from Analysts

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Reduce” from the twelve ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $14.21.

Several research analysts have recently weighed in on RKT shares. Wedbush reissued a “neutral” rating and set a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Royal Bank Of Canada reissued a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a research report on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Rocket Companies from $15.00 to $13.00 and set a “market perform” rating on the stock in a research report on Monday, May 12th. Finally, Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th.

Rocket Companies Trading Up 4.4%

Shares of RKT opened at $13.77 on Monday. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a quick ratio of 12.62, a current ratio of 12.62 and a debt-to-equity ratio of 1.37. The firm’s fifty day moving average is $12.63 and its two-hundred day moving average is $12.72. The stock has a market cap of $27.54 billion, a PE ratio of -458.90, a price-to-earnings-growth ratio of 0.85 and a beta of 2.28.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the company posted $0.04 EPS. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. Research analysts forecast that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Boston Partners boosted its holdings in shares of Rocket Companies by 11.3% in the first quarter. Boston Partners now owns 13,704,339 shares of the company’s stock valued at $165,421,000 after acquiring an additional 1,390,559 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Rocket Companies by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company’s stock valued at $154,418,000 after acquiring an additional 273,475 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Rocket Companies by 2.2% in the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock valued at $91,904,000 after acquiring an additional 174,978 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after acquiring an additional 2,804,090 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Rocket Companies in the first quarter valued at approximately $96,470,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.