Brokerages Set Rocket Companies, Inc. (NYSE:RKT) Target Price at $13.52

Rocket Companies, Inc. (NYSE:RKT) has been assigned a consensus rating of “Reduce” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $13.73.

RKT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. UBS Group boosted their target price on Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Bank of America raised their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Wedbush boosted their price objective on shares of Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Wells Fargo & Company raised their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd.

Rocket Companies Price Performance

Shares of RKT opened at $18.85 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. The firm has a market capitalization of $37.48 billion, a PE ratio of 171.36 and a beta of 2.45. The stock has a 50 day simple moving average of $18.10 and a 200 day simple moving average of $15.08. Rocket Companies has a 52-week low of $7.17 and a 52-week high of $21.38.

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

Institutional Trading of Rocket Companies

A number of hedge funds have recently made changes to their positions in RKT. International Assets Investment Management LLC lifted its holdings in Rocket Companies by 1,348.3% during the 4th quarter. International Assets Investment Management LLC now owns 34,889 shares of the company’s stock valued at $505,000 after purchasing an additional 32,480 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of Rocket Companies in the fourth quarter valued at about $317,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Rocket Companies by 5.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 716,974 shares of the company’s stock worth $10,382,000 after buying an additional 35,470 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of Rocket Companies during the 4th quarter worth about $26,000. Finally, Westpac Banking Corp grew its stake in Rocket Companies by 61.8% in the 4th quarter. Westpac Banking Corp now owns 5,927 shares of the company’s stock valued at $86,000 after buying an additional 2,264 shares during the last quarter. 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.