Rocket Companies (NYSE:RKT – Free Report) had its price target hoisted by Royal Bank of Canada from $14.00 to $16.00 in a report issued on Friday, Benzinga reports. They currently have a sector perform rating on the stock.
Other research analysts have also issued reports about the stock. Barclays lifted their price objective on shares of Rocket Companies from $9.00 to $10.00 and gave the company an underweight rating in a research note on Tuesday, July 9th. Piper Sandler lifted their price objective on shares of Rocket Companies from $12.00 to $13.00 and gave the stock a neutral rating in a report on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a hold rating in a report on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $13.50 to $15.00 and gave the stock an underweight rating in a report on Friday. Finally, Wedbush boosted their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the stock a neutral rating in a research note on Friday. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, Rocket Companies presently has an average rating of Hold and a consensus target price of $12.31.
Check Out Our Latest Research Report on RKT
Rocket Companies Stock Performance
Rocket Companies (NYSE:RKT – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a net margin of 0.29% and a return on equity of 0.91%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the business earned ($0.05) EPS. Rocket Companies’s revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Rocket Companies will post 0.23 EPS for the current fiscal year.
Hedge Funds Weigh In On Rocket Companies
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System grew its holdings in shares of Rocket Companies by 6.0% during the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after buying an additional 1,979 shares during the last quarter. Whalen Wealth Management Inc. raised its position in Rocket Companies by 113.4% in the second quarter. Whalen Wealth Management Inc. now owns 29,472 shares of the company’s stock worth $404,000 after acquiring an additional 15,663 shares during the period. Rhumbline Advisers raised its position in Rocket Companies by 5.6% in the second quarter. Rhumbline Advisers now owns 128,232 shares of the company’s stock worth $1,757,000 after acquiring an additional 6,802 shares during the period. Commonwealth Equity Services LLC raised its position in Rocket Companies by 21.7% in the second quarter. Commonwealth Equity Services LLC now owns 69,645 shares of the company’s stock worth $954,000 after acquiring an additional 12,397 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Rocket Companies by 7.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock worth $428,000 after acquiring an additional 2,064 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.
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.
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