Rocket Companies (NYSE:RKT) Given New $15.00 Price Target at Bank of America

Rocket Companies (NYSE:RKT) had its price target increased by equities researchers at Bank of America from $14.00 to $15.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price target would suggest a potential upside of 9.17% from the company’s previous close.

RKT has been the topic of several other research reports. JPMorgan Chase & Co. boosted their target price on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Morgan Stanley started coverage on Rocket Companies in a report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price objective on the stock. Wells Fargo & Company raised their target price on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Barclays lowered their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada reduced their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Stock Performance

Rocket Companies stock traded down $0.39 during mid-day trading on Thursday, reaching $13.74. 1,397,060 shares of the company were exchanged, compared to its average volume of 2,883,164. The firm has a market cap of $27.34 billion, a PE ratio of -85.88 and a beta of 2.46. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. The firm’s 50-day simple moving average is $17.78 and its two-hundred day simple moving average is $16.27. Rocket Companies has a twelve month low of $8.81 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 negative net margin of 0.38% and a positive return on equity of 2.84%. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.01) EPS. Equities analysts predict that Rocket Companies will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new position in shares of Rocket Companies in the third quarter worth $39,000. Blue Trust Inc. acquired a new position in Rocket Companies in the 2nd quarter valued at about $61,000. Quarry LP lifted its holdings in Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Rocket Companies during the 1st quarter worth about $77,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies during the third quarter worth about $120,000. Hedge funds and other institutional investors 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.