Rocket Companies (NYSE:RKT) Price Target Lowered to $20.00 at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) had its price objective reduced by equities research analysts at Keefe, Bruyette & Woods from $21.00 to $20.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 33.43% from the stock’s previous close.

A number of other research firms have also weighed in on RKT. Wells Fargo & Company dropped their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. JPMorgan Chase & Co. dropped their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a report on Monday, May 11th. Eight investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.86.

Rocket Companies Trading Up 1.8%

Shares of RKT traded up $0.26 during trading hours on Thursday, hitting $14.99. The company had a trading volume of 20,183,141 shares, compared to its average volume of 28,632,520. Rocket Companies has a 52-week low of $12.17 and a 52-week high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock’s 50 day moving average price is $14.27 and its 200 day moving average price is $16.76. The firm has a market cap of $42.41 billion, a P/E ratio of 299.62 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same period last year, the company earned $0.04 EPS. On average, research analysts predict that Rocket Companies will post 0.63 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after buying an additional 22,861 shares during the period. Amundi boosted its position in shares of Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after purchasing an additional 997 shares in the last quarter. AQR Capital Management LLC grew its stake in Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Rocket Companies by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares in the last quarter. Finally, Creative Planning lifted its position in Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after buying an additional 2,679 shares during the period. Institutional investors own 4.59% of the company’s stock.

About Rocket Companies

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.