Rocket Companies (NYSE:RKT) Price Target Lowered to $19.00 at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) had its price objective dropped by equities research analysts at Keefe, Bruyette & Woods from $20.00 to $19.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 37.83% from the stock’s previous close.

RKT has been the subject of several other research reports. Barclays decreased their price target on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. Royal Bank Of Canada reduced their target price on Rocket Companies from $20.00 to $15.00 and set a “sector perform” rating for the company in a report on Friday. JPMorgan Chase & Co. decreased their target price on Rocket Companies from $15.50 to $14.00 and set a “neutral” rating for the company in a research report on Friday. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Benchmark dropped their price target on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday. Ten equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.80.

Rocket Companies Trading Up 0.5%

Shares of NYSE:RKT traded up $0.07 during mid-day trading on Monday, hitting $13.79. The stock had a trading volume of 5,020,019 shares, compared to its average volume of 29,111,430. The company’s 50 day moving average is $14.00 and its 200-day moving average is $15.42. Rocket Companies has a 12-month low of $12.17 and a 12-month high of $24.36. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.37 and a current ratio of 4.85. The company has a market cap of $39.00 billion, a PE ratio of 98.63 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.81 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The firm’s revenue was up 91.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 earnings per share. On average, sell-side analysts predict that Rocket Companies will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Truvestments Capital LLC bought a new stake in shares of Rocket Companies in the fourth quarter valued at about $26,000. Acumen Wealth Advisors LLC bought a new position in shares of Rocket Companies during the fourth quarter worth about $26,000. City State Bank acquired a new stake in Rocket Companies in the 4th quarter valued at approximately $30,000. Smithfield Trust Co bought a new stake in Rocket Companies in the 4th quarter valued at approximately $32,000. Finally, Key Financial Inc acquired a new position in Rocket Companies during the 4th quarter worth approximately $32,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.