Rocket Companies (NYSE:RKT) Price Target Increased to $14.00 by Analysts at Royal Bank of Canada

Rocket Companies (NYSE:RKT) had its price objective lifted by Royal Bank of Canada from $12.00 to $14.00 in a research report released on Friday, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other equities analysts have also recently commented on the stock. 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 research report on Friday, February 23rd. 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 target price for the company. UBS Group raised their price target on Rocket Companies from $8.50 to $10.00 and gave the stock a sell rating in a research report on Monday, February 26th. Wedbush reiterated a neutral rating and issued a $13.00 price objective on shares of Rocket Companies in a research report on Friday. Finally, Bank of America increased their price objective on Rocket Companies from $7.00 to $8.00 and gave the company an underperform rating in a research note on Monday, March 18th. Six research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of Hold and a consensus price target of $10.37.

Rocket Companies Stock Performance

Rocket Companies stock opened at $13.80 on Friday. The company has a current ratio of 12.83, a quick ratio of 9.78 and a debt-to-equity ratio of 1.20. The company’s 50-day moving average is $12.79 and its two-hundred day moving average is $11.65. Rocket Companies has a 1 year low of $7.17 and a 1 year high of $15.19. The company has a market cap of $27.40 billion, a PE ratio of 125.47, a PEG ratio of 10.36 and a beta of 2.43.

Rocket Companies (NYSE:RKT) last announced its quarterly 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). The business had revenue of $885.00 million during the quarter, compared to analyst estimates of $762.44 million. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.05%. The company’s revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.12) earnings per share. Equities analysts anticipate that Rocket Companies will post 0.26 earnings per share for the current year.

Institutional Trading of Rocket Companies

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

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.