Rocket Companies (NYSE:RKT) Stock Price Expected to Rise, Bank of America Analyst Says

Rocket Companies (NYSE:RKT) had its price target raised by Bank of America from $14.00 to $15.00 in a report issued on Thursday, Marketbeat Ratings reports. They currently have an underperform rating on the stock.

A number of other research analysts also recently issued reports on RKT. UBS Group decreased their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday. Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a research note on Thursday. Wells Fargo & Company raised 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 lowered their target price on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Piper Sandler cut their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $15.13.

Rocket Companies Trading Down 0.1 %

RKT stock traded down $0.01 during midday trading on Thursday, hitting $13.65. 2,075,035 shares of the company’s stock were exchanged, compared to its average volume of 2,895,116. Rocket Companies has a one year low of $8.81 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 13.18 and a current ratio of 15.47. The company has a market cap of $27.16 billion, a PE ratio of -85.34 and a beta of 2.46. The stock’s fifty day moving average price is $17.66 and its 200-day moving average price is $16.25.

Rocket Companies (NYSE:RKT) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the business earned ($0.01) EPS. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. Research analysts predict that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies in the 3rd quarter worth approximately $39,000. Quarry LP grew its stake 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 purchasing an additional 3,899 shares during the period. Blue Trust Inc. purchased a new position in Rocket Companies in the second quarter valued at $61,000. EntryPoint Capital LLC purchased a new stake in shares of Rocket Companies in the first quarter valued at approximately $77,000. Finally, V Square Quantitative Management LLC purchased a new position in Rocket Companies in the 3rd quarter valued at about $120,000. Institutional investors own 4.59% of the company’s stock.

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.