JPMorgan Chase & Co. Raises Rocket Companies (NYSE:RKT) Price Target to $15.00

Rocket Companies (NYSE:RKT) had its price target boosted by investment analysts at JPMorgan Chase & Co. from $13.50 to $15.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 13.04% from the company’s current price.

A number of other equities analysts have also recently weighed in on RKT. Royal Bank of Canada raised their price objective on Rocket Companies from $12.00 to $14.00 and gave the company a “sector perform” rating in a report on Friday, May 3rd. Piper Sandler raised their price objective on Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Wells Fargo & Company raised their price objective on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday. Barclays raised their price objective on Rocket Companies from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Tuesday, July 9th. Finally, 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 note on Friday. Six research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.06.

Rocket Companies Price Performance

Shares of RKT traded up $1.89 during trading hours on Friday, reaching $17.25. 11,304,523 shares of the company’s stock traded hands, compared to its average volume of 2,588,924. The stock has a market cap of $34.30 billion, a PE ratio of 156.83 and a beta of 2.43. The company has a current ratio of 12.83, a quick ratio of 12.83 and a debt-to-equity ratio of 1.20. The firm’s 50 day simple moving average is $14.38 and its 200-day simple moving average is $13.26. Rocket Companies has a 12 month low of $7.17 and a 12 month high of $17.54.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.08. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Rocket Companies had a negative return on equity of 1.05% and a net margin of 0.43%. Equities analysts expect that Rocket Companies will post 0.23 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently made changes to their positions in the company. Capital Fund Management S.A. boosted its position in shares of Rocket Companies by 27.8% during the fourth quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock valued at $7,271,000 after purchasing an additional 109,278 shares in the last quarter. Swiss National Bank boosted its position in shares of Rocket Companies by 4.1% during the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after purchasing an additional 9,300 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in Rocket Companies in the fourth quarter worth $886,000. Jacobs Levy Equity Management Inc. bought a new stake in Rocket Companies in the first quarter worth $2,698,000. Finally, Vanguard Group Inc. boosted its holdings in Rocket Companies by 10.4% in the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after acquiring an additional 1,101,325 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

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.