Rocket Companies (NYSE:RKT) Price Target Raised to $20.00

Rocket Companies (NYSE:RKT) had its price objective upped by Keefe, Bruyette & Woods from $18.00 to $20.00 in a research report released on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Other equities analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 15th. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Rocket Companies in a research report on Monday, October 13th. Barclays set a $19.00 target price on shares of Rocket Companies and gave the stock a “cautious” rating in a research note on Monday, October 6th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 price target (up previously from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.32.

Rocket Companies Stock Up 2.3%

Shares of RKT opened at $19.08 on Thursday. The company has a market capitalization of $40.15 billion, a price-to-earnings ratio of 238.53 and a beta of 2.26. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $22.56. The stock’s 50-day moving average price is $17.81 and its 200-day moving average price is $17.05. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the business earned $0.08 earnings per share. Rocket Companies’s quarterly revenue was up 148.1% on a year-over-year basis. On average, sell-side analysts predict that Rocket Companies will post 0.15 EPS for the current year.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $18.21, for a total transaction of $45,525.00. Following the completion of the transaction, the director owned 1,078,536 shares in the company, valued at $19,640,140.56. This represents a 0.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 20,000 shares of company stock worth $371,175 over the last three months. 92.64% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors have recently bought and sold shares of the company. Durable Capital Partners LP acquired a new position in shares of Rocket Companies during the third quarter valued at approximately $213,010,000. ValueAct Holdings L.P. increased its position in shares of Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Rocket Companies by 7,412.6% during the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock worth $117,807,000 after purchasing an additional 5,997,885 shares in the last quarter. Vanguard Group Inc. raised its stake in Rocket Companies by 29.5% in the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after purchasing an additional 5,226,931 shares during the last quarter. Finally, Third Point LLC purchased a new position in Rocket Companies in the 2nd quarter valued at $67,355,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.