Rocket Companies (NYSE:RKT) Price Target Raised to $20.00 at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) had its price target lifted by Keefe, Bruyette & Woods from $18.00 to $20.00 in a research note published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada boosted their target price on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $22.00 price target (up from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. Wells Fargo & Company lifted their target price on Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday. Finally, Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.54.

Rocket Companies Stock Up 2.6%

RKT opened at $18.63 on Thursday. The stock has a market cap of $39.21 billion, a PE ratio of 232.90 and a beta of 2.26. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $22.56. The business’s fifty day simple moving average is $17.76 and its 200 day simple moving average is $16.98.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the firm earned $0.08 earnings per share. Rocket Companies’s revenue for the quarter was up 148.1% on a year-over-year basis. As a group, research analysts expect that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $18.99, for a total value of $47,475.00. Following the transaction, the director owned 1,086,036 shares of the company’s stock, valued at $20,623,823.64. This trade represents a 0.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 17,500 shares of company stock valued at $325,650 in the last quarter. Corporate insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently made changes to their positions in the company. ValueAct Holdings L.P. raised its holdings in shares of Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after acquiring an additional 10,270,018 shares in the last quarter. Vanguard Group Inc. grew its holdings in Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after acquiring an additional 5,226,931 shares in the last quarter. Boston Partners increased its position in Rocket Companies by 6.2% during the 2nd quarter. Boston Partners now owns 14,560,706 shares of the company’s stock valued at $206,610,000 after purchasing an additional 856,367 shares during the period. Durable Capital Partners LP purchased a new position in Rocket Companies during the 3rd quarter valued at about $213,010,000. Finally, Wellington Management Group LLP raised its holdings in shares of Rocket Companies by 30.6% in the 3rd quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock valued at $122,060,000 after purchasing an additional 1,474,040 shares in the last quarter. 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.