Rocket Companies (NYSE:RKT) Reaches New 1-Year High at $21.05

Shares of Rocket Companies, Inc. (NYSE:RKT) reached a new 52-week high on Monday . The stock traded as high as $21.05 and last traded at $20.98, with a volume of 159420 shares. The stock had previously closed at $20.81.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RKT shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on Rocket Companies from $13.50 to $15.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Wells Fargo & Company upped their price objective on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Wedbush lifted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Piper Sandler upped their price target on shares of Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.31.

Rocket Companies Price Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18. The firm has a market cap of $41.78 billion, a price-to-earnings ratio of 189.18 and a beta of 2.43. The stock’s fifty day moving average price is $15.79 and its 200-day moving average price is $14.01.

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. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) EPS. Equities research analysts predict that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds have recently bought and sold shares of RKT. Vanguard Group Inc. boosted its position in Rocket Companies by 10.4% during the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after purchasing an additional 1,101,325 shares during the last quarter. Boston Partners grew its stake in shares of Rocket Companies by 4.2% in 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 in the last quarter. Capital World Investors increased its holdings in Rocket Companies by 0.3% in the fourth quarter. Capital World Investors now owns 3,642,099 shares of the company’s stock worth $52,738,000 after buying an additional 10,068 shares during the last quarter. Renaissance Technologies LLC raised its position in Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Rocket Companies in the second quarter valued at approximately $10,811,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.