Rocket Companies (NYSE:RKT) Price Target Raised to $14.00

Rocket Companies (NYSE:RKT) had its target price raised by investment analysts at Royal Bank of Canada from $12.00 to $14.00 in a report issued on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 5.26% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on RKT. UBS Group boosted their target price on shares of Rocket Companies from $8.50 to $10.00 and gave the company a “sell” rating in a report on Monday, February 26th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $10.50 target price (up previously from $8.50) on shares of Rocket Companies in a report on Thursday, January 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Rocket Companies in a research report on Wednesday, January 10th. They set a “hold” rating and a $10.00 price target on the stock. Citigroup raised their price objective on shares of Rocket Companies from $10.00 to $11.00 and gave the company a “sell” rating in a research report on Wednesday, February 28th. Finally, Wells Fargo & Company decreased their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, February 23rd. Six research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.37.

Rocket Companies Stock Up 4.5 %

RKT stock traded up $0.57 during mid-day trading on Friday, reaching $13.30. 3,505,604 shares of the company traded hands, compared to its average volume of 2,458,715. Rocket Companies has a fifty-two week low of $7.17 and a fifty-two week high of $15.19. 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 firm’s 50 day moving average price is $12.71 and its 200 day moving average price is $11.52. The stock has a market cap of $26.41 billion, a price-to-earnings ratio of -83.13, a P/E/G ratio of 9.63 and a beta of 2.43.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Rocket Companies had a negative net margin of 0.41% and a negative return on equity of 3.63%. The business had revenue of $885.00 million for the quarter, compared to analysts’ expectations of $762.44 million. During the same period in the prior year, the business earned ($0.12) earnings per share. The company’s revenue for the quarter was up 29.6% compared to the same quarter last year. As a group, equities research analysts predict that Rocket Companies will post 0.26 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently bought and sold shares of RKT. Principal Financial Group Inc. purchased a new stake in shares of Rocket Companies during the first quarter valued at approximately $150,000. Whalen Wealth Management Inc. purchased a new stake in Rocket Companies in the first quarter worth about $201,000. DMC Group LLC grew its position in shares of Rocket Companies by 3.7% in the 1st quarter. DMC Group LLC now owns 29,077 shares of the company’s stock worth $423,000 after buying an additional 1,029 shares during the period. Atlas Capital Advisors LLC boosted its position in shares of Rocket Companies by 1,682.6% in the 1st quarter. Atlas Capital Advisors LLC now owns 17,844 shares of the company’s stock worth $260,000 after purchasing an additional 16,843 shares in the last quarter. Finally, First Affirmative Financial Network grew its stake in shares of Rocket Companies by 6.1% in the first quarter. First Affirmative Financial Network now owns 14,272 shares of the company’s stock worth $208,000 after acquiring an additional 822 shares during the last quarter. Hedge funds and other 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.