Rocket Companies (NYSE:RKT) Reaches New 52-Week High at $21.05

Rocket Companies, Inc. (NYSE:RKT)’s share price hit a new 52-week high on Monday . The company traded as high as $21.05 and last traded at $20.98, with a volume of 159420 shares trading hands. The stock had previously closed at $20.81.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RKT shares. Royal Bank of Canada upped their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their price target on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Wedbush upped their price objective on Rocket Companies from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Barclays lifted their target price on shares of Rocket Companies from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 9th. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.31.

Rocket Companies Trading Down 2.1 %

The firm’s fifty day simple moving average is $15.91 and its 200-day simple moving average is $14.08. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. The stock has a market cap of $40.46 billion, a P/E ratio of 184.45 and a beta of 2.43.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. Rocket Companies’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) earnings per share. Equities research analysts expect that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

Several hedge funds have recently modified their holdings of the stock. Capital Fund Management S.A. boosted its stake in Rocket Companies by 27.8% during the fourth quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock worth $7,271,000 after acquiring an additional 109,278 shares in the last quarter. Swiss National Bank raised its holdings in shares of Rocket Companies by 4.1% during the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after purchasing an additional 9,300 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of Rocket Companies during the 1st quarter worth about $2,698,000. Vanguard Group Inc. grew its stake in shares of Rocket Companies by 10.4% in the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after buying an additional 1,101,325 shares during the period. Finally, Wedmont Private Capital acquired a new stake in shares of Rocket Companies in the 1st quarter valued at about $154,000. 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.