Rocket Companies’ (RKT) Neutral Rating Reaffirmed at Wedbush

Wedbush reissued their neutral rating on shares of Rocket Companies (NYSE:RKT) in a research note released on Friday morning, Benzinga reports. The firm currently has a $13.00 price objective on the stock.

A number of other research firms have also weighed in on RKT. Bank of America upped their price objective on shares of Rocket Companies from $7.00 to $8.00 and gave the company an underperform rating in a research note on Monday, March 18th. JPMorgan Chase & Co. reissued an underweight rating and set a $10.50 price target (up previously from $8.50) on shares of Rocket Companies in a research note on Thursday, January 4th. Wells Fargo & Company lowered their price objective on Rocket Companies from $14.00 to $13.00 and set an equal weight rating for the company in a research report on Friday, February 23rd. Citigroup increased their target price on Rocket Companies from $10.00 to $11.00 and gave the stock a sell rating in a research report on Wednesday, February 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Rocket Companies in a report on Wednesday, January 10th. They issued a hold rating and a $10.00 price target for the company. Six investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $10.37.

Rocket Companies Price Performance

Shares of Rocket Companies stock traded up $0.57 during trading on Friday, hitting $13.30. 3,508,350 shares of the company were exchanged, compared to its average volume of 2,202,011. The firm has a 50 day moving average price of $12.75 and a 200 day moving average price of $11.55. The stock has a market capitalization of $26.41 billion, a price-to-earnings ratio of 120.92, a P/E/G ratio of 9.92 and a beta of 2.43. The company has a quick ratio of 9.78, a current ratio of 9.78 and a debt-to-equity ratio of 0.92. Rocket Companies has a fifty-two week low of $7.17 and a fifty-two week high of $15.19.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data 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 net margin of 0.43% and a negative return on equity of 1.06%. The company had revenue of $885.00 million during the quarter, compared to analysts’ expectations of $762.44 million. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The firm’s revenue was up 29.6% compared to the same quarter last year. On average, equities analysts expect that Rocket Companies will post 0.26 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

Large investors have recently added to or reduced their stakes in the stock. Aigen Investment Management LP acquired a new stake in shares of Rocket Companies in the third quarter valued at about $786,000. QRG Capital Management Inc. acquired a new position in shares of Rocket Companies during the third quarter worth $5,195,000. Bank of New York Mellon Corp boosted its stake in shares of Rocket Companies by 20.3% in the third quarter. Bank of New York Mellon Corp now owns 430,251 shares of the company’s stock valued at $3,519,000 after purchasing an additional 72,465 shares during the period. Strs Ohio acquired a new stake in Rocket Companies during the 3rd quarter valued at $925,000. Finally, Boston Partners purchased a new stake in Rocket Companies during the 3rd quarter worth $47,544,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.