Bank of America Forecasts Strong Price Appreciation for Rocket Companies (NYSE:RKT) Stock

Rocket Companies (NYSE:RKT) had its target price raised by analysts at Bank of America from $14.00 to $15.00 in a research report issued on Thursday, Marketbeat Ratings reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price objective points to a potential upside of 10.29% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. UBS Group decreased their price objective on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday. Wells Fargo & Company upped their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Barclays dropped their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods dropped their target price on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Wedbush reiterated a “neutral” rating and set a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies presently has an average rating of “Hold” and an average target price of $15.13.

Rocket Companies Trading Down 0.4 %

Shares of RKT opened at $13.60 on Thursday. The firm’s 50-day moving average price is $17.54 and its 200-day moving average price is $16.26. The firm has a market capitalization of $27.06 billion, a price-to-earnings ratio of -85.00 and a beta of 2.46. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 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 2.86%. The business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Rocket Companies’s quarterly revenue was down 46.2% on a year-over-year basis. Sell-side analysts anticipate that Rocket Companies will post 0.22 EPS for the current year.

Institutional Trading of Rocket Companies

A number of hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in Rocket Companies in the 3rd quarter worth approximately $39,000. Blue Trust Inc. bought a new position in Rocket Companies during the 2nd quarter worth $61,000. Quarry LP grew its stake in Rocket Companies by 858.8% during 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 during the last quarter. EntryPoint Capital LLC bought a new position in shares of Rocket Companies in the first quarter worth $77,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Rocket Companies in the third quarter worth $120,000. 4.59% of the stock is 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.