Bank of America Issues Positive Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective lifted by Bank of America from $14.00 to $15.00 in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has an underperform rating on the stock.

Several other equities analysts have also issued reports on RKT. Keefe, Bruyette & Woods lowered their price target on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft boosted their price objective on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Piper Sandler lowered their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.13.

Rocket Companies Stock Down 0.1 %

NYSE:RKT traded down $0.01 on Thursday, hitting $13.65. 2,075,035 shares of the company’s stock traded hands, compared to its average volume of 2,895,116. The firm has a 50-day moving average price of $17.66 and a 200-day moving average price of $16.25. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51. The company has a market cap of $27.16 billion, a PE ratio of -85.34 and a beta of 2.46. Rocket Companies has a 1 year low of $8.81 and a 1 year high of $21.38.

Rocket Companies (NYSE:RKT) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the company earned ($0.01) earnings per share. The company’s revenue was down 46.2% compared to the same quarter last year. Equities analysts anticipate that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Swiss National Bank boosted its holdings in Rocket Companies by 4.1% in the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after acquiring an additional 9,300 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Rocket Companies by 24.9% during the 1st quarter. First Eagle Investment Management LLC now owns 44,540 shares of the company’s stock worth $648,000 after buying an additional 8,891 shares during the period. Rockport Wealth LLC acquired a new stake in shares of Rocket Companies during the 1st quarter worth approximately $291,000. EntryPoint Capital LLC bought a new stake in shares of Rocket Companies during the first quarter worth approximately $77,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Rocket Companies by 7.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 57,389 shares of the company’s stock valued at $836,000 after buying an additional 3,858 shares during the period. 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.