Wedbush Reaffirms “Neutral” Rating for Rocket Companies (NYSE:RKT)

Wedbush reiterated their neutral rating on shares of Rocket Companies (NYSE:RKT) in a research note released on Friday, Benzinga reports. Wedbush currently has a $13.00 price objective on the stock.

A number of other analysts have also recently weighed in on RKT. Citigroup boosted their price target on Rocket Companies from $10.00 to $11.00 and gave the stock a sell rating in a research report on Wednesday, February 28th. 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 research report on Thursday, January 4th. Deutsche Bank Aktiengesellschaft began coverage on Rocket Companies in a report on Wednesday, January 10th. They set a hold rating and a $10.00 price target on the stock. UBS Group upped 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. Finally, Bank of America lifted their target price on shares of Rocket Companies from $7.00 to $8.00 and gave the stock an underperform rating in a report on Monday, March 18th. Six analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $10.37.

Rocket Companies Trading Up 3.8 %

Shares of RKT stock traded up $0.51 during trading hours on Friday, reaching $13.81. 2,781,664 shares of the stock traded hands, compared to its average volume of 2,462,442. The business has a fifty day moving average price of $12.75 and a 200 day moving average price of $11.61. Rocket Companies has a 1-year low of $7.17 and a 1-year high of $15.19. The company has a quick ratio of 9.78, a current ratio of 12.83 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $27.42 billion, a PE ratio of 120.92, a PEG ratio of 10.36 and a beta of 2.43.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results 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 net margin of 0.43% and a negative return on equity of 1.05%. The business had revenue of $885.00 million for the quarter, compared to analyst estimates of $762.44 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The firm’s quarterly revenue was up 29.6% on a year-over-year basis. On average, equities research analysts forecast that Rocket Companies will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Aigen Investment Management LP bought a new stake in shares of Rocket Companies in the third quarter valued at about $786,000. QRG Capital Management Inc. bought a new position in Rocket Companies during the third quarter worth $5,195,000. Bank of New York Mellon Corp grew its position in shares of Rocket Companies by 20.3% in the third 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 during the last quarter. Strs Ohio acquired a new stake in Rocket Companies in the 3rd quarter worth about $925,000. Finally, Boston Partners acquired a new position in Rocket Companies in the 3rd quarter valued at $47,544,000. Institutional investors and hedge funds 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.