Rocket Companies (NYSE:RKT) Rating Increased to Market Perform at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) was upgraded by research analysts at Keefe, Bruyette & Woods from an “underperform” rating to a “market perform” rating in a report released on Wednesday,Finviz reports. The brokerage presently has a $14.00 price target on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 11.42% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their target price for the company from $12.50 to $11.50 in a report on Friday, January 10th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a research report on Tuesday. The Goldman Sachs Group dropped their price target on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley decreased their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $14.00.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $12.57 on Wednesday. The company’s fifty day moving average is $13.35 and its two-hundred day moving average is $14.27. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a market capitalization of $25.08 billion, a P/E ratio of -78.53 and a beta of 2.39. Rocket Companies has a one year low of $10.06 and a one year high of $21.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. Wellington Management Group LLP lifted its position in Rocket Companies by 174.5% in the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after purchasing an additional 2,990,837 shares during the period. Boston Partners increased its stake in Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after buying an additional 2,829,292 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after acquiring an additional 2,804,090 shares in the last quarter. State Street Corp increased its holdings in Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Rocket Companies during the 4th quarter worth $14,113,000. Institutional investors and hedge funds 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.