Bank of America Issues Positive Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price target hoisted by Bank of America from $14.00 to $15.00 in a research report sent to investors on Thursday, Marketbeat.com reports. The brokerage currently has an underperform rating on the stock.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Royal Bank of Canada reduced their price objective on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Barclays dropped their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $13.60 on Thursday. The business’s fifty day simple moving average is $17.54 and its 200 day simple moving average is $16.29. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51. Rocket Companies has a 12 month low of $8.81 and a 12 month high of $21.38.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business’s revenue for the quarter was down 46.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.01) EPS. Research analysts expect that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its stake in Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after acquiring an additional 1,269,795 shares in the last quarter. Marshall Wace LLP bought a new position in Rocket Companies in the 2nd quarter valued at $10,811,000. Renaissance Technologies LLC boosted its holdings in Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the period. Boston Partners grew its position 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 valued at $136,462,000 after purchasing an additional 381,841 shares in the last quarter. Finally, Philip James Wealth Mangement LLC bought a new position in shares of Rocket Companies in the third quarter worth $6,811,000. Hedge funds and other institutional investors 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.