Brokerages Set Rocket Companies, Inc. (NYSE:RKT) Target Price at $10.02

Rocket Companies, Inc. (NYSE:RKT) has received a consensus rating of “Reduce” from the thirteen brokerages that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $10.02.

Several equities analysts recently weighed in on RKT shares. Deutsche Bank Aktiengesellschaft started coverage on Rocket Companies in a research note on Wednesday, January 10th. They issued a “hold” rating and a $10.00 price objective for the company. Citigroup raised their price objective on Rocket Companies from $10.00 to $11.00 and gave the company a “sell” rating in a research note on Wednesday, February 28th. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research note on Friday, February 23rd. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $10.75 target price on shares of Rocket Companies in a report on Wednesday, January 3rd. Finally, Wells Fargo & Company lowered their target price on Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, February 23rd.

Rocket Companies Stock Performance

Shares of RKT stock opened at $14.55 on Friday. The company has a market cap of $28.89 billion, a price-to-earnings ratio of -90.94, a price-to-earnings-growth ratio of 11.37 and a beta of 2.39. The stock has a 50 day simple moving average of $12.28 and a 200-day simple moving average of $10.78. Rocket Companies has a 12-month low of $7.17 and a 12-month high of $15.19. The company has a current ratio of 9.78, a quick ratio of 9.78 and a debt-to-equity ratio of 0.92.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $885.00 million for the quarter, compared to analysts’ expectations of $762.44 million. Rocket Companies had a negative return on equity of 3.63% and a negative net margin of 0.41%. The business’s quarterly revenue was up 29.6% on a year-over-year basis. During the same period last year, the company posted ($0.12) earnings per share. On average, equities analysts forecast that Rocket Companies will post 0.25 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds have recently made changes to their positions in the business. Principal Securities Inc. purchased a new position in shares of Rocket Companies in the 4th quarter worth $26,000. FMR LLC raised its position in shares of Rocket Companies by 134.7% in the 2nd quarter. FMR LLC now owns 3,598 shares of the company’s stock worth $26,000 after buying an additional 2,065 shares during the period. Deutsche Bank AG raised its position in shares of Rocket Companies by 658.7% in the 4th quarter. Deutsche Bank AG now owns 3,892 shares of the company’s stock worth $27,000 after buying an additional 3,379 shares during the period. Vima LLC purchased a new position in shares of Rocket Companies in the 4th quarter worth $31,000. Finally, Captrust Financial Advisors raised its position in shares of Rocket Companies by 178.2% in the 2nd quarter. Captrust Financial Advisors now owns 4,451 shares of the company’s stock worth $33,000 after buying an additional 2,851 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.