Rocket Companies (NYSE:RKT) Earns “Neutral” Rating from Wedbush

Rocket Companies (NYSE:RKT)‘s stock had its “neutral” rating restated by stock analysts at Wedbush in a note issued to investors on Friday, Benzinga reports. They presently have a $13.00 price target on the stock. Wedbush’s target price points to a potential downside of 2.26% from the stock’s previous close.

A number of other analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Rocket Companies in a research note on Wednesday, January 10th. They set a “hold” rating and a $10.00 price objective for the company. Citigroup raised their price target on shares of Rocket Companies from $10.00 to $11.00 and gave the stock a “sell” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $10.50 price objective (up from $8.50) on shares of Rocket Companies in a research note on Thursday, January 4th. Bank of America raised their target price on Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, March 18th. Finally, UBS Group upped their price target on Rocket Companies from $8.50 to $10.00 and gave the company a “sell” rating in a research report on Monday, February 26th. Six investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies has an average rating of “Hold” and an average target price of $10.37.

Rocket Companies Price Performance

RKT stock opened at $13.30 on Friday. The firm has a market cap of $26.41 billion, a P/E ratio of 120.92, a P/E/G ratio of 9.92 and a beta of 2.43. The firm’s fifty day moving average is $12.75 and its 200 day moving average is $11.55. Rocket Companies has a 52 week low of $7.17 and a 52 week high of $15.19. The company has a debt-to-equity ratio of 0.92, a quick ratio of 9.78 and a current ratio of 9.78.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $885.00 million for the quarter, compared to the consensus estimate of $762.44 million. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.06%. The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same period last year, the business posted ($0.12) earnings per share. Research analysts predict that Rocket Companies will post 0.26 earnings per share for the current 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 company. Principal Securities Inc. bought a new stake in shares of Rocket Companies during the 4th quarter valued at $26,000. Vima LLC purchased a new stake in Rocket Companies in the fourth quarter worth about $31,000. Tennessee Valley Asset Management Partners purchased a new stake in Rocket Companies in the fourth quarter worth about $37,000. Westpac Banking Corp increased its position in Rocket Companies by 61.8% during the 4th quarter. Westpac Banking Corp now owns 5,927 shares of the company’s stock valued at $86,000 after buying an additional 2,264 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of Rocket Companies during the first quarter valued at $150,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.