Rocket Companies (NYSE:RKT) Shares Gap Up on Analyst Upgrade

Rocket Companies, Inc. (NYSE:RKT - Get Free Report)'s stock price gapped up prior to trading on Wednesday after Jefferies Financial Group raised their price target on the stock from $11.50 to $14.00. The stock had previously closed at $16.00, but opened at $17.32. Jefferies Financial Group currently has a hold rating on the stock. Rocket Companies shares last traded at $16.24, with a volume of 15,922,552 shares traded.

Other equities research analysts have also recently issued research reports about the stock. Wedbush reaffirmed a "neutral" rating and set a $12.00 price objective (down previously from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Keefe, Bruyette & Woods raised their price objective on shares of Rocket Companies from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Thursday, July 10th. The Goldman Sachs Group raised their price objective on shares of Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday, April 1st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective on the stock in a research note on Wednesday, April 2nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.42.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. lifted its holdings in Rocket Companies by 312.2% in the 1st quarter. Mather Group LLC. now owns 2,601 shares of the company's stock valued at $31,000 after purchasing an additional 1,970 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after purchasing an additional 2,221 shares in the last quarter. Brooklyn Investment Group lifted its holdings in Rocket Companies by 251.3% in the 1st quarter. Brooklyn Investment Group now owns 3,390 shares of the company's stock valued at $41,000 after purchasing an additional 2,425 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in Rocket Companies in the 4th quarter valued at $47,000. Finally, GAMMA Investing LLC lifted its holdings in Rocket Companies by 82.4% in the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock valued at $47,000 after purchasing an additional 1,764 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company's stock.

Rocket Companies Stock Up 0.8%

The business has a fifty day simple moving average of $13.73 and a two-hundred day simple moving average of $13.15. The company has a current ratio of 12.62, a quick ratio of 12.62 and a debt-to-equity ratio of 1.37. The company has a market cap of $29.96 billion, a PE ratio of -499.23 and a beta of 2.28.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the company earned $0.04 EPS. The company's revenue for the quarter was down 10.8% on a year-over-year basis. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

About Rocket Companies

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.