Royal Bank of Canada Reaffirms Sector Perform Rating for Rocket Companies (NYSE:RKT)

Rocket Companies (NYSE:RKT)‘s stock had its “sector perform” rating reiterated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $18.00 target price on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 41.38% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Wedbush reissued a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a report on Wednesday, March 5th. Keefe, Bruyette & Woods increased their price objective on Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a report on Monday, March 3rd. JPMorgan Chase & Co. cut their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. The Goldman Sachs Group decreased their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, Morgan Stanley dropped their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Up 5.5 %

NYSE:RKT traded up $0.66 during midday trading on Tuesday, hitting $12.73. 10,787,135 shares of the company were exchanged, compared to its average volume of 3,733,560. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The company has a market capitalization of $25.42 billion, a PE ratio of -79.84 and a beta of 2.39. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a fifty day simple moving average of $13.34 and a 200 day simple moving average of $14.32.

Institutional Trading of Rocket Companies

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after acquiring an additional 2,990,837 shares during the period. Boston Partners raised its holdings in Rocket Companies by 29.8% during the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after purchasing an additional 2,829,292 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after purchasing an additional 2,804,090 shares in the last quarter. State Street Corp grew its holdings in Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after purchasing an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Rocket Companies in the fourth quarter valued at $14,113,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.