JPMorgan Chase & Co. Raises Rocket Companies (NYSE:RKT) Price Target to $11.00

Rocket Companies (NYSE:RKT) had its target price hoisted by JPMorgan Chase & Co. from $10.50 to $11.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an underweight rating on the stock.

Other equities analysts have also issued research reports about the company. UBS Group upped their price target on Rocket Companies from $8.50 to $10.00 and gave the company a sell rating in a research note on Monday, February 26th. Wells Fargo & Company decreased their target price on shares of Rocket Companies from $14.00 to $13.00 and set an equal weight rating for the company in a research note on Friday, February 23rd. Wedbush reaffirmed a neutral rating and issued a $13.00 price objective on shares of Rocket Companies in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Rocket Companies in a research note on Wednesday, January 10th. They issued a hold rating and a $10.00 price target on the stock. Finally, Royal Bank of Canada boosted their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the company a sector perform rating in a report on Friday. Six research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $10.37.

Rocket Companies Stock Up 3.8 %

RKT traded up $0.51 during trading hours on Friday, reaching $13.81. 2,783,188 shares of the stock traded hands, compared to its average volume of 2,462,460. The firm’s fifty day simple moving average is $12.75 and its two-hundred day simple moving average is $11.61. The company has a debt-to-equity ratio of 1.20, a current ratio of 12.83 and a quick ratio of 9.78. Rocket Companies has a fifty-two week low of $7.17 and a fifty-two week high of $15.19. The company has a market cap of $27.42 billion, a price-to-earnings ratio of 120.92, a PEG ratio of 10.36 and a beta of 2.43.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Rocket Companies had a negative return on equity of 1.05% and a net margin of 0.43%. The business had revenue of $885.00 million for the quarter, compared to the consensus estimate of $762.44 million. During the same quarter in the previous year, the business posted ($0.12) earnings per share. The company’s quarterly revenue was up 29.6% on a year-over-year basis. As a group, analysts forecast that Rocket Companies will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in RKT. Principal Securities Inc. acquired a new position in shares of Rocket Companies during the 4th quarter worth approximately $26,000. Vima LLC purchased a new stake in Rocket Companies in the 4th quarter valued at $31,000. Tennessee Valley Asset Management Partners bought a new position in Rocket Companies in the 4th quarter valued at $37,000. Westpac Banking Corp lifted its holdings in Rocket Companies by 61.8% during the fourth quarter. Westpac Banking Corp now owns 5,927 shares of the company’s stock valued at $86,000 after purchasing an additional 2,264 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new stake in Rocket Companies during the 1st quarter worth approximately $150,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.