Rocket Companies (NYSE:RKT) Price Target Increased to $14.00 by Analysts at Royal Bank of Canada

Rocket Companies (NYSE:RKT) had its price objective increased by equities research analysts at Royal Bank of Canada from $12.00 to $14.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 5.26% from the stock’s current price.

A number of other equities analysts have also weighed in on RKT. UBS Group boosted their price target on shares of Rocket Companies from $8.50 to $10.00 and gave the stock a “sell” rating in a research report on Monday, February 26th. Citigroup boosted their target price on shares of Rocket Companies from $10.00 to $11.00 and gave the company a “sell” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $10.50 target price (up from $8.50) on shares of Rocket Companies in a report on Thursday, January 4th. Wedbush reiterated a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Rocket Companies in a report on Wednesday, January 10th. They issued a “hold” rating and a $10.00 target price on the stock. Six equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus target price of $10.37.

Rocket Companies Stock Performance

RKT opened at $13.30 on Friday. The firm has a market capitalization of $26.41 billion, a PE ratio of 120.92, a PEG ratio of 10.36 and a beta of 2.43. Rocket Companies has a twelve month low of $7.17 and a twelve month high of $15.19. The firm’s 50-day moving average price is $12.75 and its 200 day moving average price is $11.55. The company has a current ratio of 9.78, a quick ratio of 9.78 and a debt-to-equity ratio of 0.92.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $885.00 million for the quarter, compared to analyst estimates of $762.44 million. Rocket Companies had a negative return on equity of 1.06% and a net margin of 0.43%. The business’s revenue was up 29.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.12) earnings per share. As a group, sell-side analysts expect that Rocket Companies will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. purchased a new stake in Rocket Companies during the 1st quarter worth approximately $150,000. Whalen Wealth Management Inc. purchased a new stake in Rocket Companies during the 1st quarter worth approximately $201,000. DMC Group LLC increased its stake in Rocket Companies by 3.7% during the 1st quarter. DMC Group LLC now owns 29,077 shares of the company’s stock worth $423,000 after buying an additional 1,029 shares during the period. Atlas Capital Advisors LLC increased its position in shares of Rocket Companies by 1,682.6% in the 1st quarter. Atlas Capital Advisors LLC now owns 17,844 shares of the company’s stock valued at $260,000 after purchasing an additional 16,843 shares during the last quarter. Finally, First Affirmative Financial Network increased its position in shares of Rocket Companies by 6.1% in the 1st quarter. First Affirmative Financial Network now owns 14,272 shares of the company’s stock valued at $208,000 after purchasing an additional 822 shares during the last quarter. 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.