Bank of America Raises Rocket Companies (NYSE:RKT) Price Target to $14.00

Rocket Companies (NYSE:RKT) had its target price upped by Bank of America from $12.00 to $14.00 in a report issued on Thursday morning, Benzinga reports. They currently have an underperform rating on the stock.

Several other research firms have also issued reports on RKT. JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $13.50 to $15.00 and gave the stock an underweight rating in a report on Friday, August 2nd. Barclays lifted their price target on shares of Rocket Companies from $9.00 to $10.00 and gave the stock an underweight rating in a report on Tuesday, July 9th. 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. Wells Fargo & Company lifted their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an equal weight rating in a report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods raised shares of Rocket Companies from an underperform rating to a market perform rating in a report on Monday, August 5th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $12.81.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $19.65 on Thursday. The company has a market capitalization of $39.07 billion, a price-to-earnings ratio of 178.64 and a beta of 2.43. 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 $16.36 and a 200 day moving average of $14.28.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. Rocket Companies’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous 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.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds have recently added to or reduced their stakes in RKT. Boston Partners raised its position in shares of Rocket Companies by 54.8% in the fourth quarter. Boston Partners now owns 9,000,332 shares of the company’s stock worth $130,277,000 after acquiring an additional 3,186,699 shares during the period. Vanguard Group Inc. raised its position in shares of 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 during the period. Marshall Wace LLP acquired a new position in shares of Rocket Companies in the second quarter worth about $10,811,000. Renaissance Technologies LLC raised its position in shares of Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after acquiring an additional 510,400 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Rocket Companies in the first quarter worth about $2,698,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.