Rocket Companies (NYSE:RKT) Price Target Raised to $11.50

Rocket Companies (NYSE:RKT) had its price target increased by UBS Group from $10.50 to $11.50 in a research report released on Thursday, Benzinga reports. They currently have a sell rating on the stock.

Other equities analysts also recently issued reports about the company. Barclays upped their price target on Rocket Companies from $9.00 to $10.00 and gave the stock an underweight rating in a research report on Tuesday, July 9th. Wells Fargo & Company raised their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an equal weight rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Companies from $11.00 to $15.00 and gave the stock a hold rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on Rocket Companies from $13.50 to $15.00 and gave the stock an underweight rating in a research report on Friday, August 2nd. Finally, Bank of America lifted their price target on Rocket Companies from $12.00 to $14.00 and gave the stock an underperform rating in a research report on Thursday, August 29th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $12.94.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $19.31 on Thursday. The company has a market capitalization of $38.42 billion, a price-to-earnings ratio of 175.56 and a beta of 2.45. Rocket Companies has a 52 week low of $7.17 and a 52 week high of $21.28. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The firm has a 50 day moving average of $16.95 and a 200 day moving average of $14.57.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) earnings per share. On average, sell-side analysts predict that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently bought and sold shares of RKT. Principal Securities Inc. purchased a new stake in Rocket Companies during the 4th quarter worth approximately $26,000. Vima LLC purchased a new stake in Rocket Companies during the 4th quarter worth approximately $31,000. Quarry LP increased 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 in the last quarter. Blue Trust Inc. purchased a new stake in Rocket Companies during the 2nd quarter worth approximately $61,000. Finally, EntryPoint Capital LLC purchased a new stake in Rocket Companies during the 1st quarter worth approximately $77,000. 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.