JPMorgan Chase & Co. Raises Rocket Companies (NYSE:RKT) Price Target to $11.00

Rocket Companies (NYSE:RKT) had its target price raised by stock analysts at JPMorgan Chase & Co. from $10.50 to $11.00 in a report released on Friday, Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 17.29% from the stock’s previous close.

Several other equities analysts have also issued reports on RKT. Citigroup boosted their price target on shares of Rocket Companies from $10.00 to $11.00 and gave the company a “sell” rating in a report on Wednesday, February 28th. Wells Fargo & Company decreased their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, February 23rd. Bank of America upped their target price on shares of Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, March 18th. Deutsche Bank Aktiengesellschaft began coverage on shares of Rocket Companies in a research note on Wednesday, January 10th. They issued a “hold” rating and a $10.00 target price for the company. Finally, UBS Group upped their target price on shares of Rocket Companies from $8.50 to $10.00 and gave the stock a “sell” rating in a research note on Monday, February 26th. Six investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus target price of $10.37.

Rocket Companies Trading Up 4.5 %

RKT traded up $0.57 during trading on Friday, reaching $13.30. 3,505,604 shares of the company’s stock were exchanged, compared to its average volume of 2,458,715. The company’s fifty day moving average price is $12.71 and its 200-day moving average price is $11.52. The company has a debt-to-equity ratio of 0.92, a quick ratio of 9.78 and a current ratio of 9.78. Rocket Companies has a fifty-two week low of $7.17 and a fifty-two week high of $15.19. The firm has a market capitalization of $26.41 billion, a PE ratio of -83.13, a P/E/G ratio of 9.63 and a beta of 2.43.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Rocket Companies had a negative net margin of 0.41% and a negative return on equity of 3.63%. The firm had revenue of $885.00 million during the quarter, compared to analyst estimates of $762.44 million. During the same period last year, the firm earned ($0.12) EPS. Rocket Companies’s quarterly revenue was up 29.6% on a year-over-year basis. As a group, equities analysts forecast that Rocket Companies will post 0.26 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of RKT. Boston Partners bought a new stake in shares of Rocket Companies in the 3rd quarter valued at about $47,544,000. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 1,101,325 shares during the period. QRG Capital Management Inc. bought a new position in Rocket Companies in the 3rd quarter valued at about $5,195,000. Integrated Investment Consultants LLC raised its holdings in Rocket Companies by 1,069.0% in the 4th quarter. Integrated Investment Consultants LLC now owns 650,598 shares of the company’s stock valued at $9,421,000 after acquiring an additional 594,945 shares during the period. Finally, Quantbot Technologies LP raised its holdings in Rocket Companies by 1,515.5% in the 3rd quarter. Quantbot Technologies LP now owns 170,504 shares of the company’s stock valued at $1,395,000 after acquiring an additional 159,950 shares during the period. 4.59% of the stock is owned by institutional investors.

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.