Rocket Companies (NYSE:RKT) Given New $16.00 Price Target at Piper Sandler

Rocket Companies (NYSE:RKT) had its target price lowered by Piper Sandler from $17.00 to $16.00 in a research report released on Thursday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Barclays cut their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Wells Fargo & Company boosted their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Morgan Stanley initiated coverage on Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.13.

Rocket Companies Stock Up 0.5 %

NYSE:RKT traded up $0.07 during mid-day trading on Thursday, reaching $13.73. The stock had a trading volume of 2,391,631 shares, compared to its average volume of 2,897,149. The stock’s 50 day simple moving average is $17.66 and its two-hundred day simple moving average is $16.25. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The company has a market capitalization of $27.32 billion, a price-to-earnings ratio of -85.34 and a beta of 2.46. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned ($0.01) EPS. The business’s quarterly revenue was down 46.2% on a year-over-year basis. Equities analysts anticipate that Rocket Companies will post 0.22 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently bought and sold shares of the stock. State Street Corp grew its position in Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Rocket Companies during the third quarter worth about $1,071,000. Quantinno Capital Management LP increased its stake in Rocket Companies by 2.3% during the third quarter. Quantinno Capital Management LP now owns 153,564 shares of the company’s stock valued at $2,947,000 after acquiring an additional 3,402 shares during the period. Centiva Capital LP bought a new position in Rocket Companies during the third quarter valued at about $1,274,000. Finally, Paloma Partners Management Co acquired a new position in Rocket Companies in the 3rd quarter valued at approximately $368,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.