Bank of America Issues Positive Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT) had its price objective lifted by Bank of America from $14.00 to $15.00 in a research note issued to investors on Thursday, MarketBeat.com reports. They currently have an underperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. 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. Wedbush reissued a “neutral” rating and issued a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price 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. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $15.13.

Rocket Companies Trading Down 0.4 %

Shares of RKT stock opened at $13.60 on Thursday. Rocket Companies has a 1 year low of $8.81 and a 1 year high of $21.38. The firm’s fifty day simple moving average is $17.54 and its 200 day simple moving average is $16.31. The firm has a market capitalization of $27.06 billion, a P/E ratio of -85.00 and a beta of 2.46. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. As a group, sell-side analysts predict that Rocket Companies will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RKT. Swiss National Bank lifted its position in Rocket Companies by 4.1% during the 1st quarter. Swiss National Bank now owns 237,000 shares of the company’s stock worth $3,448,000 after buying an additional 9,300 shares in the last quarter. First Eagle Investment Management LLC lifted its position in Rocket Companies by 24.9% during the 1st quarter. First Eagle Investment Management LLC now owns 44,540 shares of the company’s stock worth $648,000 after buying an additional 8,891 shares in the last quarter. Rockport Wealth LLC acquired a new position in Rocket Companies during the 1st quarter worth about $291,000. EntryPoint Capital LLC acquired a new position in Rocket Companies during the 1st quarter worth about $77,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Rocket Companies by 7.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 57,389 shares of the company’s stock worth $836,000 after buying an additional 3,858 shares in the last quarter. Institutional investors and hedge funds 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.