Rocket Companies, Inc. (NYSE:RKT) Receives $19.87 Consensus Price Target from Brokerages

Rocket Companies, Inc. (NYSE:RKT) has been given a consensus recommendation of “Moderate Buy” by the eighteen research firms that are currently covering the firm, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $19.5714.

A number of equities research analysts recently issued reports on RKT shares. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, August 10th. Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $18.00 to $19.00 in a research report on Thursday, July 16th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Wells Fargo & Company reduced their price objective on Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $16.00 price objective (up from $15.00) on shares of Rocket Companies in a research note on Wednesday, August 12th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Smithfield Trust Co purchased a new stake in Rocket Companies during the 4th quarter worth $32,000. Key Financial Inc acquired a new stake in Rocket Companies in the 4th quarter valued at $32,000. Cassaday & Co Wealth Management LLC purchased a new position in Rocket Companies in the first quarter valued at about $34,000. Leonteq Securities AG acquired a new position in shares of Rocket Companies during the fourth quarter worth about $71,000. Finally, Summit Securities Group LLC acquired a new position in shares of Rocket Companies during the first quarter worth about $60,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Trading Down 1.9%

NYSE:RKT opened at $13.19 on Wednesday. The company has a market capitalization of $37.35 billion, a PE ratio of 94.22, a price-to-earnings-growth ratio of 3.69 and a beta of 2.20. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. Rocket Companies has a 52-week low of $12.17 and a 52-week high of $24.36. The stock has a fifty day simple moving average of $13.89 and a 200-day simple moving average of $14.38.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the prior year, the company earned $0.04 EPS. The firm’s revenue was up 91.9% on a year-over-year basis. On average, equities research analysts expect that Rocket Companies will post 0.52 earnings per share for the current fiscal year.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based financial technology company that provides digital platforms and services for homeownership and personal finance. Its flagship business, Rocket Mortgage, originates and services residential mortgage loans through an online application and lending process, serving borrowers across the United States.

The company also operates Rocket Homes, a real estate platform that connects consumers with real estate agents and home-buying resources; Rocket Loans, which provides personal loans; and Rocket Money, a personal finance app designed to help users manage subscriptions, budgeting and other aspects of their financial lives.