Rocket Companies (NYSE:RKT) Price Target Raised to $16.00 at UBS Group

Rocket Companies (NYSE:RKT) had its target price hoisted by UBS Group from $14.00 to $16.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts have also recently issued reports on RKT. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $14.00 to $15.00 and gave the stock a “market perform” rating in a research report on Tuesday. Wedbush reaffirmed a “neutral” rating and set a $12.00 target price (down previously from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. The Goldman Sachs Group upped their target price on Rocket Companies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Jefferies Financial Group increased their price objective on Rocket Companies from $11.50 to $14.00 and gave the company a “hold” rating in a research report on Tuesday, July 22nd. Finally, Barclays increased their price objective on Rocket Companies from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.79.

Rocket Companies Stock Up 6.8%

Shares of Rocket Companies stock opened at $18.03 on Tuesday. The stock has a market capitalization of $36.06 billion, a P/E ratio of -360.60 and a beta of 2.28. The company has a quick ratio of 12.62, a current ratio of 18.74 and a debt-to-equity ratio of 2.36. The stock has a 50 day moving average price of $14.16 and a two-hundred day moving average price of $13.40. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, July 31st. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share. Equities analysts expect that Rocket Companies will post 0.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RKT. Nuveen LLC acquired a new position in shares of Rocket Companies in the first quarter valued at $96,470,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Rocket Companies in the second quarter valued at $44,102,000. Wellington Management Group LLP raised its stake in shares of Rocket Companies by 174.5% in the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after purchasing an additional 2,990,837 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after purchasing an additional 2,804,090 shares in the last quarter. Finally, Boston Partners raised its stake in shares of Rocket Companies by 11.3% in the first quarter. Boston Partners now owns 13,704,339 shares of the company’s stock valued at $165,421,000 after purchasing an additional 1,390,559 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.