Rocket Companies (NYSE:RKT) PT Raised to $14.00

Rocket Companies (NYSE:RKT) had its price objective boosted by research analysts at Royal Bank of Canada from $12.00 to $14.00 in a report released on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 5.26% from the company’s previous close.

Several other equities research analysts have also commented on RKT. Bank of America upped their price objective on Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, March 18th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $10.50 price objective (up from $8.50) on shares of Rocket Companies in a research note on Thursday, January 4th. Wedbush restated a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research note on Friday. Deutsche Bank Aktiengesellschaft began coverage on Rocket Companies in a research note on Wednesday, January 10th. They issued a “hold” rating and a $10.00 price objective for the company. Finally, Citigroup upped their target price on shares of Rocket Companies from $10.00 to $11.00 and gave the stock a “sell” rating in a report on Wednesday, February 28th. Six investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.37.

Rocket Companies Price Performance

Shares of RKT opened at $13.30 on Friday. The firm has a market cap of $26.41 billion, a PE ratio of 120.92, a P/E/G ratio of 10.36 and a beta of 2.43. The company has a current ratio of 9.78, a quick ratio of 9.78 and a debt-to-equity ratio of 0.92. The firm has a fifty day simple moving average of $12.75 and a two-hundred day simple moving average of $11.55. Rocket Companies has a 1-year low of $7.17 and a 1-year high of $15.19.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. bought a new position in shares of Rocket Companies during the 4th quarter valued at about $26,000. Vima LLC bought a new position in shares of Rocket Companies during the 4th quarter valued at about $31,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of Rocket Companies during the 4th quarter valued at about $37,000. Westpac Banking Corp raised its position in shares of Rocket Companies by 61.8% during 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 in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of Rocket Companies during the 1st quarter valued at about $150,000. 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.