Rocket Companies (NYSE:RKT) Trading Up 7.5% - Still a Buy?

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) rose 7.5% during trading on Monday . The stock traded as high as $14.87 and last traded at $15.04. Approximately 12,571,385 shares traded hands during mid-day trading, an increase of 73% from the average daily volume of 7,259,044 shares. The stock had previously closed at $13.99.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RKT. The Goldman Sachs Group boosted their price target on Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group boosted their price target on Rocket Companies from $11.50 to $14.00 and gave the stock a "hold" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective for the company in a research report on Wednesday, April 2nd. Royal Bank Of Canada reissued a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a research report on Tuesday, April 1st. Finally, Wedbush reissued a "neutral" rating and issued a $12.00 price objective (down previously from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Two 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 MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $14.42.

Rocket Companies Stock Performance

The firm's 50 day simple moving average is $13.69 and its 200-day simple moving average is $13.12. The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62. The company has a market capitalization of $29.68 billion, a price-to-earnings ratio of -494.67 and a beta of 2.28.

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

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Proficio Capital Partners LLC acquired a new position in Rocket Companies during the 4th quarter valued at $154,000. Raymond James Financial Inc. acquired a new position in Rocket Companies during the 4th quarter valued at $3,469,000. Swiss National Bank raised its stake in Rocket Companies by 1.3% during the 4th quarter. Swiss National Bank now owns 248,900 shares of the company's stock valued at $2,803,000 after purchasing an additional 3,200 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Rocket Companies by 27.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 143,987 shares of the company's stock valued at $1,621,000 after purchasing an additional 31,111 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in Rocket Companies during the 4th quarter valued at $415,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.