JPMorgan Chase & Co. Increases Rocket Companies (NYSE:RKT) Price Target to $11.00

Rocket Companies (NYSE:RKT) had its price objective raised by research analysts at JPMorgan Chase & Co. from $10.50 to $11.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 17.29% from the company’s previous close.

A number of other research firms also recently issued reports on RKT. UBS Group raised their price objective on shares of Rocket Companies from $8.50 to $10.00 and gave the stock a “sell” rating in a report on Monday, February 26th. Royal Bank of Canada lifted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock a “sector perform” rating in a report on Friday. Wells Fargo & Company reduced their price objective on Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, February 23rd. Citigroup boosted their target price on Rocket Companies from $10.00 to $11.00 and gave the company a “sell” rating in a research note on Wednesday, February 28th. Finally, Bank of America increased their price target on Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, March 18th. Six analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $10.37.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $13.30 on Friday. The company has a market capitalization of $26.41 billion, a PE ratio of 120.92, a PEG ratio of 10.36 and a beta of 2.43. The company has a quick ratio of 9.78, a current ratio of 9.78 and a debt-to-equity ratio of 0.92. The stock’s 50 day moving average price is $12.75 and its 200-day moving average price is $11.55. Rocket Companies has a twelve month low of $7.17 and a twelve month high of $15.19.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Rocket Companies had a negative return on equity of 1.06% and a net margin of 0.43%. The business had revenue of $885.00 million during the quarter, compared to analysts’ expectations of $762.44 million. During the same period in the prior year, the firm posted ($0.12) EPS. The firm’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, equities analysts anticipate that Rocket Companies will post 0.26 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of RKT. Handelsbanken Fonder AB grew its stake in Rocket Companies by 43.9% during the third quarter. Handelsbanken Fonder AB now owns 53,986 shares of the company’s stock valued at $442,000 after acquiring an additional 16,464 shares in the last quarter. Raymond James & Associates boosted its holdings in Rocket Companies by 623.2% in the 3rd quarter. Raymond James & Associates now owns 161,994 shares of the company’s stock valued at $1,325,000 after purchasing an additional 139,593 shares during the period. Bank of New York Mellon Corp grew its position in shares of Rocket Companies by 20.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 430,251 shares of the company’s stock valued at $3,519,000 after purchasing an additional 72,465 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Rocket Companies in the third quarter worth $833,000. Finally, Strs Ohio purchased a new stake in shares of Rocket Companies in the third quarter worth $925,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.