Rocket Companies (NYSE:RKT) Stock Price Expected to Rise, Bank of America Analyst Says

Rocket Companies (NYSE:RKT) had its price target hoisted by investment analysts at Bank of America from $14.00 to $15.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price target would indicate a potential upside of 9.17% from the stock’s previous close.

RKT has been the subject of a number of other reports. Wedbush restated a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a report on Wednesday. Morgan Stanley began coverage on Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a report on Thursday. Piper Sandler dropped their target price on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Trading Down 2.8 %

NYSE RKT traded down $0.39 during trading hours on Thursday, hitting $13.74. 1,397,060 shares of the company’s stock were exchanged, compared to its average volume of 2,883,164. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. The firm has a market capitalization of $27.34 billion, a P/E ratio of -85.88 and a beta of 2.46. The business’s 50 day moving average is $17.78 and its 200-day moving average is $16.27. Rocket Companies has a 12-month low of $8.81 and a 12-month high of $21.38.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.84%. The business had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was down 46.2% on a year-over-year basis. As a group, analysts anticipate that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Several institutional investors and hedge funds have recently bought and sold shares of RKT. Boston Partners increased its holdings in shares of Rocket Companies by 4.2% in the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares during the last quarter. Renaissance Technologies LLC increased its stake in Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Rocket Companies by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after purchasing an additional 72,308 shares during the period. Marshall Wace LLP bought a new position in shares of Rocket Companies in the 2nd quarter worth about $10,811,000. Finally, Greylin Investment Management Inc boosted its holdings in shares of Rocket Companies by 45.7% in the 2nd quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after buying an additional 111,563 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.