Analysts Set Rocket Companies, Inc. (NYSE:RKT) Price Target at $13.50

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned a consensus recommendation of “Reduce” from the thirteen analysts that are currently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $13.50.

Several research analysts recently commented on RKT shares. Royal Bank of Canada lowered their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley lowered their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $11.50 to $10.50 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Bank of America boosted their target price on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th. Finally, Piper Sandler lowered their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th.

Institutional Trading of Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in RKT. The Manufacturers Life Insurance Company lifted its holdings in shares of Rocket Companies by 34.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock valued at $344,000 after purchasing an additional 6,377 shares during the last quarter. CWM LLC lifted its holdings in shares of Rocket Companies by 73.6% in the 3rd quarter. CWM LLC now owns 25,154 shares of the company’s stock valued at $483,000 after purchasing an additional 10,668 shares during the last quarter. Wedmont Private Capital lifted its holdings in shares of Rocket Companies by 8.9% in the 3rd quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after purchasing an additional 1,305 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Rocket Companies in the 3rd quarter valued at about $472,000. Finally, Bleakley Financial Group LLC purchased a new stake in shares of Rocket Companies in the 3rd quarter valued at about $196,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

RKT stock opened at $13.08 on Tuesday. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $26.08 billion, a PE ratio of -81.72 and a beta of 2.43. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38. The business’s fifty day moving average price is $11.87 and its 200 day moving average price is $15.44.

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.