Royal Bank of Canada Raises Rocket Companies (NYSE:RKT) Price Target to $14.00

Rocket Companies (NYSE:RKT) had its target price increased by Royal Bank of Canada from $12.00 to $14.00 in a report published on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other brokerages have also recently commented on RKT. Wedbush reiterated a neutral rating and issued a $13.00 price target on shares of Rocket Companies in a research report on Friday. JPMorgan Chase & Co. reissued an underweight rating and issued a $10.50 price objective (up from $8.50) on shares of Rocket Companies in a research note on Thursday, January 4th. Citigroup boosted their price objective on shares of Rocket Companies from $10.00 to $11.00 and gave the stock a sell rating in a research note on Wednesday, February 28th. Bank of America raised their target price on shares of Rocket Companies from $7.00 to $8.00 and gave the company an underperform rating in a research note on Monday, March 18th. Finally, Wells Fargo & Company cut 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 report on Friday, February 23rd. Six equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $10.37.

Rocket Companies Stock Up 3.8 %

Shares of NYSE RKT traded up $0.51 during midday trading on Friday, reaching $13.81. 2,783,188 shares of the company’s stock were exchanged, compared to its average volume of 2,462,460. The company has a debt-to-equity ratio of 1.20, a quick ratio of 9.78 and a current ratio of 12.83. Rocket Companies has a 52-week low of $7.17 and a 52-week high of $15.19. The business’s fifty day moving average price is $12.75 and its two-hundred day moving average price is $11.61. The stock has a market capitalization of $27.42 billion, a PE ratio of 120.92, a price-to-earnings-growth ratio of 10.36 and a beta of 2.43.

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

Institutional Investors Weigh In On Rocket Companies

Several large investors have recently made changes to their positions in the company. First Affirmative Financial Network grew its holdings in shares of Rocket Companies by 6.1% during the first quarter. First Affirmative Financial Network now owns 14,272 shares of the company’s stock worth $208,000 after purchasing an additional 822 shares during the last quarter. DMC Group LLC lifted its position in Rocket Companies by 3.7% during the 1st quarter. DMC Group LLC now owns 29,077 shares of the company’s stock worth $423,000 after buying an additional 1,029 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Rocket Companies during the fourth quarter worth approximately $26,000. Vima LLC bought a new stake in shares of Rocket Companies during the fourth quarter valued at approximately $31,000. Finally, Westpac Banking Corp increased its holdings in shares of Rocket Companies by 61.8% in 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 in the last quarter. Institutional investors 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.