Piper Sandler Increases Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKT) had its price target upped by Piper Sandler from $12.00 to $13.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential downside of 6.34% from the stock’s current price.

Several other brokerages also recently commented on RKT. JPMorgan Chase & Co. lifted their target price on Rocket Companies from $10.50 to $11.00 and gave the stock an “underweight” rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Rocket Companies in a research report on Wednesday, January 10th. They set a “hold” rating and a $10.00 target price for the company. Royal Bank of Canada boosted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Friday, May 3rd. Wedbush reiterated a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a research report on Friday, May 3rd. Finally, 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. Six equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $10.60.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $13.88 on Tuesday. The business has a fifty day moving average price of $12.83 and a two-hundred day moving average price of $11.70. The stock has a market capitalization of $27.56 billion, a PE ratio of 126.18, a P/E/G ratio of 10.36 and a beta of 2.43. The company has a debt-to-equity ratio of 1.20, a current ratio of 12.83 and a quick ratio of 9.78. Rocket Companies has a fifty-two week low of $7.17 and a fifty-two week high of $15.19.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $885.00 million during the quarter, compared to the consensus estimate of $762.44 million. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.05%. The business’s revenue was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.12) EPS. As a group, equities analysts predict that Rocket Companies will post 0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Principal Securities Inc. acquired a new position in Rocket Companies during the 4th quarter valued at about $26,000. Vima LLC purchased a new position in shares of Rocket Companies during the fourth quarter valued at approximately $31,000. Tennessee Valley Asset Management Partners bought a new stake in Rocket Companies during the fourth quarter worth $37,000. Westpac Banking Corp raised its position in Rocket Companies by 61.8% in 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 during the last quarter. Finally, Principal Financial Group Inc. bought a new position in Rocket Companies during the 1st quarter valued at $150,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.