Rocket Companies (NYSE:RKT) Price Target Raised to $16.00

Rocket Companies (NYSE:RKT) had its target price upped by The Goldman Sachs Group from $14.00 to $16.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

RKT has been the subject of a number of other research reports. Royal Bank Of Canada reissued a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. UBS Group increased their price target on Rocket Companies from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, May 29th. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their price target on Rocket Companies from $15.00 to $13.00 and set a “market perform” rating for the company in a report on Monday, May 12th. Finally, Wedbush reissued a “neutral” rating and issued a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and an average target price of $14.38.

Rocket Companies Stock Performance

NYSE:RKT opened at $14.24 on Wednesday. The company has a current ratio of 12.62, a quick ratio of 12.62 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $28.47 billion, a P/E ratio of -474.53, a price-to-earnings-growth ratio of 1.04 and a beta of 2.28. The firm has a 50-day moving average price of $13.13 and a two-hundred day moving average price of $12.83. Rocket Companies has a twelve month low of $10.06 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. The business’s revenue was down 10.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.04 earnings per share. As a group, research analysts expect that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of RKT. Truist Financial Corp boosted its position in Rocket Companies by 12.6% during the 4th quarter. Truist Financial Corp now owns 23,373 shares of the company’s stock worth $263,000 after acquiring an additional 2,621 shares during the period. Bank of New York Mellon Corp boosted its position in Rocket Companies by 39.4% during the 4th quarter. Bank of New York Mellon Corp now owns 468,620 shares of the company’s stock worth $5,277,000 after acquiring an additional 132,453 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $154,000. Jones Financial Companies Lllp raised its stake in shares of Rocket Companies by 131.7% during the 4th quarter. Jones Financial Companies Lllp now owns 36,427 shares of the company’s stock worth $410,000 after purchasing an additional 20,706 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $135,000. 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.