Rocket Companies (NYSE:RKT) Price Target Raised to $18.00

Rocket Companies (NYSE:RKT) had its price objective raised by Wedbush from $15.00 to $18.00 in a research report released on Wednesday morning, MarketBeat.com reports. The brokerage currently has a neutral rating on the stock.

RKT has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft increased their price target on Rocket Companies from $11.00 to $15.00 and gave the company a hold rating in a report on Friday, August 2nd. Wells Fargo & Company increased their price target on Rocket Companies from $13.00 to $15.00 and gave the company an equal weight rating in a report on Friday, August 2nd. Barclays increased their price target on Rocket Companies from $9.00 to $10.00 and gave the company an underweight rating in a report on Tuesday, July 9th. UBS Group increased their price target on Rocket Companies from $10.50 to $11.50 and gave the company a sell rating in a report on Thursday, September 5th. Finally, Bank of America increased their price target on Rocket Companies from $12.00 to $14.00 and gave the company an underperform rating in a report on Thursday, August 29th. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, Rocket Companies presently has an average rating of Hold and an average target price of $13.52.

Rocket Companies Stock Up 4.6 %

Shares of RKT opened at $19.62 on Wednesday. The stock has a market capitalization of $39.02 billion, a price-to-earnings ratio of 178.33 and a beta of 2.45. Rocket Companies has a 1 year low of $7.17 and a 1 year high of $21.28. The business’s 50 day simple moving average is $17.48 and its 200-day simple moving average is $14.82. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, equities analysts expect that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP grew its position in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after buying an additional 3,899 shares in the last quarter. Algert Global LLC boosted its position in Rocket Companies by 117.2% during the second quarter. Algert Global LLC now owns 23,285 shares of the company’s stock valued at $319,000 after purchasing an additional 12,565 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Rocket Companies by 34.0% during the second quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock valued at $344,000 after purchasing an additional 6,377 shares in the last quarter. AQR Capital Management LLC boosted its position in Rocket Companies by 306.3% during the second quarter. AQR Capital Management LLC now owns 197,592 shares of the company’s stock valued at $2,707,000 after purchasing an additional 148,965 shares in the last quarter. Finally, Kingfisher Capital LLC raised its stake in Rocket Companies by 1.4% in the second quarter. Kingfisher Capital LLC now owns 183,083 shares of the company’s stock valued at $2,508,000 after buying an additional 2,606 shares during the last quarter. 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.