Rocket Companies (NYSE:RKT) PT Raised to $14.00 at Bank of America

Rocket Companies (NYSE:RKT) had its price target lifted by analysts at Bank of America from $12.00 to $14.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price objective would suggest a potential downside of 28.72% from the company’s previous close.

Several other equities analysts have also weighed in on RKT. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Royal Bank of Canada raised their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Barclays upped their price target on Rocket Companies from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. raised their price objective on Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Finally, Wedbush boosted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus price target of $12.81.

Rocket Companies Trading Up 1.7 %

Rocket Companies stock opened at $19.64 on Thursday. Rocket Companies has a 12-month low of $7.17 and a 12-month high of $21.28. The stock has a market capitalization of $39.05 billion, a PE ratio of 178.55 and a beta of 2.43. The firm has a 50 day simple moving average of $16.36 and a 200-day simple moving average of $14.26. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm earned ($0.05) EPS. As a group, equities research analysts expect that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Institutional investors have recently made changes to their positions in the stock. Quarry LP lifted its position in Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after buying an additional 3,899 shares in the last quarter. Algert Global LLC increased its stake in shares of Rocket Companies by 117.2% in the second quarter. Algert Global LLC now owns 23,285 shares of the company’s stock worth $319,000 after acquiring an additional 12,565 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Rocket Companies by 34.0% during the second quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock worth $344,000 after acquiring an additional 6,377 shares in the last quarter. AQR Capital Management LLC boosted its position in Rocket Companies by 306.3% during the second quarter. AQR Capital Management LLC now owns 197,592 shares of the company’s stock valued at $2,707,000 after purchasing an additional 148,965 shares during the last quarter. Finally, Kingfisher Capital LLC grew its stake in Rocket Companies by 1.4% in the second quarter. Kingfisher Capital LLC now owns 183,083 shares of the company’s stock valued at $2,508,000 after purchasing an additional 2,606 shares in the last quarter. 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.