Rocket Companies (NYSE:RKT) Given New $16.00 Price Target at Piper Sandler

Rocket Companies (NYSE:RKT) had its price objective trimmed by Piper Sandler from $17.00 to $16.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on RKT. Wells Fargo & Company increased their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wedbush reissued a “neutral” rating and issued a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Barclays lowered their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Finally, UBS Group raised their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.13.

Rocket Companies Price Performance

NYSE RKT opened at $13.60 on Thursday. The company has a market cap of $27.06 billion, a PE ratio of -85.00 and a beta of 2.46. Rocket Companies has a 52 week low of $8.81 and a 52 week high of $21.38. The company has a quick ratio of 13.18, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm’s 50-day simple moving average is $17.54 and its two-hundred day simple moving average is $16.31.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm earned ($0.01) earnings per share. The company’s revenue was down 46.2% compared to the same quarter last year. Research analysts predict that Rocket Companies will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RKT. Swiss National Bank grew its position in 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 acquiring an additional 9,300 shares during the last quarter. First Eagle Investment Management LLC grew its position in Rocket Companies by 24.9% during the first quarter. First Eagle Investment Management LLC now owns 44,540 shares of the company’s stock valued at $648,000 after acquiring an additional 8,891 shares during the last quarter. Rockport Wealth LLC bought a new position in Rocket Companies during the first quarter valued at approximately $291,000. EntryPoint Capital LLC bought a new position in Rocket Companies during the first quarter valued at approximately $77,000. Finally, Price T Rowe Associates Inc. MD grew its position in Rocket Companies by 7.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 57,389 shares of the company’s stock valued at $836,000 after acquiring an additional 3,858 shares during the last quarter. 4.59% of the stock is currently owned by 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.