Rocket Companies (NYSE:RKT) Price Target Raised to $14.00

Rocket Companies (NYSE:RKT) had its price target raised by UBS Group from $11.50 to $14.00 in a report issued on Monday, Benzinga reports. The firm currently has a sell rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Barclays boosted their price objective on shares of Rocket Companies from $9.00 to $10.00 and gave the company an underweight rating in a research report on Tuesday, July 9th. Wells Fargo & Company boosted their price objective on shares of Rocket Companies from $13.00 to $15.00 and gave the company an equal weight rating in a research report on Friday, August 2nd. Wedbush boosted their price objective on shares of Rocket Companies from $15.00 to $18.00 and gave the company a neutral rating in a research report on Wednesday, September 11th. Bank of America boosted their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the company an underperform rating in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Rocket Companies from $13.50 to $15.00 and gave the company an underweight rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $13.73.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $20.43 on Monday. The company has a market capitalization of $40.61 billion, a price-to-earnings ratio of 185.68 and a beta of 2.45. Rocket Companies has a 12 month low of $7.17 and a 12 month high of $21.38. The firm’s 50-day moving average is $17.91 and its 200 day moving average is $15.01. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 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 the consensus estimate of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. Research analysts predict that Rocket Companies will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Rocket Companies by 10.4% during the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after acquiring an additional 1,101,325 shares in the last quarter. Boston Partners raised its stake in shares of Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Capital World Investors raised its stake in shares of Rocket Companies by 0.3% during the 4th quarter. Capital World Investors now owns 3,642,099 shares of the company’s stock worth $52,738,000 after acquiring an additional 10,068 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after acquiring an additional 510,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Rocket Companies during the 2nd quarter worth approximately $10,811,000. Institutional investors own 4.59% of the company’s stock.

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.