Rocket Companies, Inc. (NYSE:RKT – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $18.71 and last traded at $18.63, with a volume of 3795264 shares. The stock had previously closed at $17.64.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Wells Fargo & Company upped their price target on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their price objective on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Finally, Wedbush upped their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.31.
Rocket Companies Stock Up 5.6 %
Rocket Companies (NYSE:RKT – Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. On average, research analysts forecast that Rocket Companies, Inc. will post 0.22 earnings per share for the current fiscal year.
Institutional Trading of Rocket Companies
Hedge funds have recently added to or reduced their stakes in the business. Bridges Investment Management Inc. bought a new stake in Rocket Companies during the 2nd quarter worth approximately $143,000. Canada Pension Plan Investment Board raised its stake in shares of Rocket Companies by 17.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 102,500 shares of the company’s stock valued at $1,404,000 after purchasing an additional 14,900 shares during the period. First Eagle Investment Management LLC lifted its holdings in shares of Rocket Companies by 13.5% in the second quarter. First Eagle Investment Management LLC now owns 50,540 shares of the company’s stock valued at $692,000 after purchasing an additional 6,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Rocket Companies by 39.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,565 shares of the company’s stock worth $295,000 after buying an additional 6,070 shares during the period. Finally, Edgestream Partners L.P. acquired a new position in Rocket Companies during the 2nd quarter worth approximately $1,040,000. Institutional investors and hedge funds own 4.59% of the company’s stock.
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.
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