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

Key Points

• Rocket Companies' price target has been raised from $14.00 to $15.00 by Keefe, Bruyette & Woods, although this indicates a potential downside from the current price.
• The company reported earnings of $0.04 per share, surpassing analysts' estimates and showing a revenue increase of 4.5% compared to the previous year.
• Institutional investors and hedge funds hold approximately 4.59% of Rocket Companies' stock, with several funds significantly increasing their stakes during the first quarter.

Rocket Companies (NYSE:RKT - Get Free Report) had its price target raised by investment analysts at Keefe, Bruyette & Woods from $14.00 to $15.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target would indicate a potential downside of 11.35% from the company's current price.

Several other research analysts have also weighed in on the company. Wedbush reissued a "neutral" rating and issued a $12.00 price objective (down from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Jefferies Financial Group lifted their target price on Rocket Companies from $11.50 to $14.00 and gave the stock a "hold" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group boosted their price target on Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Barclays raised their price objective on shares of Rocket Companies from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Friday. Finally, UBS Group boosted their target price on shares of Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Rocket Companies has an average rating of "Hold" and a consensus target price of $14.63.

Rocket Companies Price Performance

Rocket Companies stock opened at $16.92 on Tuesday. The stock has a 50-day moving average price of $14.06 and a two-hundred day moving average price of $13.37. Rocket Companies has a 12 month low of $10.06 and a 12 month high of $21.38. The company has a current ratio of 18.74, a quick ratio of 12.62 and a debt-to-equity ratio of 2.36. The company has a market capitalization of $33.84 billion, a PE ratio of -338.40 and a beta of 2.28.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. Rocket Companies had a negative net margin of 0.01% and a positive return on equity of 3.18%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm posted $0.06 EPS. The company's revenue for the quarter was up 4.5% compared to the same quarter last year. Analysts expect that Rocket Companies will post 0.15 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

A number of hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. lifted its position in shares of Rocket Companies by 312.2% during the 1st quarter. Mather Group LLC. now owns 2,601 shares of the company's stock worth $31,000 after buying an additional 1,970 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after acquiring an additional 2,221 shares during the last quarter. Brooklyn Investment Group increased its position in shares of Rocket Companies by 251.3% during the first quarter. Brooklyn Investment Group now owns 3,390 shares of the company's stock valued at $41,000 after acquiring an additional 2,425 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies during the fourth quarter worth $47,000. Finally, GAMMA Investing LLC boosted its position in Rocket Companies by 82.4% in the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock worth $47,000 after purchasing an additional 1,764 shares during the last quarter. 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.

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