Rocket Companies (NYSE:RKT) Price Target Raised to $15.00 at Wedbush

Rocket Companies (NYSE:RKT) had its price objective increased by Wedbush from $13.00 to $15.00 in a report issued on Friday morning, MarketBeat.com reports. They currently have a neutral rating on the stock.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Rocket Companies from $11.00 to $13.50 and gave the stock an underweight rating in a research note on Monday, July 8th. Piper Sandler upped their target price on shares of Rocket Companies from $12.00 to $13.00 and gave the company a neutral rating in a research report on Tuesday, May 7th. Barclays upped their target price on shares of Rocket Companies from $9.00 to $10.00 and gave the company an underweight rating in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada upped their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the company a sector perform rating in a research report on Friday, May 3rd. Six research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $12.06.

Rocket Companies Price Performance

RKT stock traded up $1.89 during mid-day trading on Friday, hitting $17.25. The company had a trading volume of 11,339,011 shares, compared to its average volume of 3,165,213. The company has a market capitalization of $34.30 billion, a price-to-earnings ratio of 156.83 and a beta of 2.43. Rocket Companies has a 12-month low of $7.17 and a 12-month high of $17.54. The company has a quick ratio of 12.83, a current ratio of 12.83 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average price of $14.45 and a 200 day moving average price of $13.30.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.08. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.91%. On average, research analysts anticipate that Rocket Companies will post 0.23 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of RKT. Raymond James & Associates boosted its stake in shares of Rocket Companies by 6.4% during the fourth quarter. Raymond James & Associates now owns 172,308 shares of the company’s stock valued at $2,495,000 after purchasing an additional 10,314 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Rocket Companies during the fourth quarter valued at approximately $179,000. International Assets Investment Management LLC boosted its stake in Rocket Companies by 1,348.3% in the fourth quarter. International Assets Investment Management LLC now owns 34,889 shares of the company’s stock valued at $505,000 after acquiring an additional 32,480 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Rocket Companies by 232.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 16,028 shares of the company’s stock valued at $240,000 after acquiring an additional 11,200 shares in the last quarter. Finally, Nisa Investment Advisors LLC acquired a new stake in Rocket Companies in the fourth quarter valued at approximately $886,000. 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.