Barclays Boosts Rocket Companies (NYSE:RKT) Price Target to $10.00

Rocket Companies (NYSE:RKT) had its target price upped by equities research analysts at Barclays from $9.00 to $10.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s target price indicates a potential downside of 26.04% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada lifted their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Friday, May 3rd. Bank of America lifted their price objective on shares of Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research report on Monday, March 18th. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $11.00 to $13.50 and gave the stock an “underweight” rating in a research report on Monday. Wedbush reissued a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a research report on Friday, May 3rd. Finally, Piper Sandler boosted their price target on shares of Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.10.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.52 on Tuesday. The company has a quick ratio of 12.83, a current ratio of 12.83 and a debt-to-equity ratio of 1.20. Rocket Companies has a 52 week low of $7.17 and a 52 week high of $15.81. The stock has a market capitalization of $26.88 billion, a PE ratio of 122.92 and a beta of 2.43. The firm has a 50 day moving average of $14.00 and a two-hundred day moving average of $13.09.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.08. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.05%. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.02 billion. On average, research analysts predict that Rocket Companies will post 0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Affirmative Financial Network grew its position in Rocket Companies by 6.1% during the first quarter. First Affirmative Financial Network now owns 14,272 shares of the company’s stock worth $208,000 after buying an additional 822 shares during the period. DMC Group LLC grew its position in Rocket Companies by 3.7% during the first quarter. DMC Group LLC now owns 29,077 shares of the company’s stock worth $423,000 after buying an additional 1,029 shares during the period. Principal Securities Inc. acquired a new position in Rocket Companies during the fourth quarter worth about $26,000. Vima LLC acquired a new position in Rocket Companies during the fourth quarter worth about $31,000. Finally, Westpac Banking Corp grew its position in Rocket Companies by 61.8% during the fourth quarter. Westpac Banking Corp now owns 5,927 shares of the company’s stock worth $86,000 after buying an additional 2,264 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

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.