Rocket Companies (NYSE:RKT) PT Raised to $8.00 at The Goldman Sachs Group

Rocket Companies (NYSE:RKT – Get Rating) had its target price raised by equities researchers at The Goldman Sachs Group from $7.00 to $8.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential downside of 7.41% from the company’s current price.

Several other research firms have also issued reports on RKT. Morgan Stanley lowered their price target on shares of Rocket Companies from $7.00 to $6.50 and set an “equal weight” rating for the company in a report on Friday, November 4th. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $7.00 to $8.00 in a research note on Tuesday, January 10th. Credit Suisse Group lowered shares of Rocket Companies from a “neutral” rating to an “underperform” rating and set a $7.00 price objective for the company. in a research note on Monday, January 9th. UBS Group set a $8.00 price objective on shares of Rocket Companies in a research note on Wednesday, November 23rd. Finally, Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $7.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, December 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.67.

Rocket Companies Stock Up 6.8 %

Rocket Companies stock opened at $8.64 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 11.69 and a current ratio of 10.67. Rocket Companies has a 52-week low of $5.97 and a 52-week high of $14.25. The firm has a 50 day moving average price of $8.44 and a two-hundred day moving average price of $7.88. The firm has a market cap of $17.03 billion, a price-to-earnings ratio of 27.00 and a beta of 2.05.

Insider Activity at Rocket Companies

In other news, CEO Jay Farner acquired 25,000 shares of the business’s stock in a transaction on Thursday, December 15th. The shares were purchased at an average cost of $8.00 per share, with a total value of $200,000.00. Following the acquisition, the chief executive officer now directly owns 5,914,807 shares of the company’s stock, valued at $47,318,456. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders acquired 64,900 shares of company stock valued at $528,922. 94.01% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Companies

Hedge funds have recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in shares of Rocket Companies by 4.8% in the 1st quarter. Invesco Ltd. now owns 10,789,221 shares of the company’s stock worth $119,975,000 after buying an additional 490,407 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Rocket Companies by 29.0% in the 1st quarter. Vanguard Group Inc. now owns 10,028,437 shares of the company’s stock worth $111,517,000 after buying an additional 2,252,066 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Rocket Companies by 2.7% in the 1st quarter. BlackRock Inc. now owns 6,684,239 shares of the company’s stock worth $74,328,000 after buying an additional 178,545 shares during the last quarter. State Street Corp boosted its holdings in shares of Rocket Companies by 2.3% in the 2nd quarter. State Street Corp now owns 5,518,701 shares of the company’s stock worth $40,618,000 after buying an additional 122,916 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Rocket Companies by 26.0% in the 4th quarter. Morgan Stanley now owns 3,384,392 shares of the company’s stock worth $23,691,000 after buying an additional 699,078 shares during the last quarter. 3.99% of the stock is owned by hedge funds and other institutional investors.

About Rocket Companies

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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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.