Bank of America Forecasts Strong Price Appreciation for Rocket Companies (NYSE:RKT) Stock

Rocket Companies (NYSE:RKT) had its price objective hoisted by equities researchers at Bank of America from $14.00 to $15.00 in a research note issued on Thursday, Marketbeat.com reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price objective suggests a potential upside of 10.29% from the company’s current price.

A number of other research analysts have also commented on the company. Barclays lowered their price objective on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Wells Fargo & Company raised their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley started coverage on Rocket Companies in a research report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised their target price on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Finally, Wedbush restated a “neutral” rating and set a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies Stock Down 0.4 %

Shares of Rocket Companies stock opened at $13.60 on Thursday. The stock has a 50-day moving average price of $17.54 and a 200 day moving average price of $16.26. The company has a market cap 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 has a 1 year low of $8.81 and a 1 year high of $21.38.

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

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank grew its stake in Rocket Companies by 4.1% in the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock valued at $3,448,000 after acquiring an additional 9,300 shares during the period. First Eagle Investment Management LLC grew its position in shares of Rocket Companies by 24.9% in the first quarter. First Eagle Investment Management LLC now owns 44,540 shares of the company’s stock valued at $648,000 after purchasing an additional 8,891 shares during the last quarter. Rockport Wealth LLC acquired a new position in shares of Rocket Companies in the first quarter valued at approximately $291,000. EntryPoint Capital LLC acquired a new stake in Rocket Companies during the first quarter worth approximately $77,000. Finally, Price T Rowe Associates Inc. MD grew its position in Rocket Companies by 7.2% during the first 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. 4.59% of the stock is owned by institutional investors and hedge funds.

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.