Rocket Companies (NYSE:RKT) Shares Gap Up – What’s Next?

Rocket Companies, Inc. (NYSE:RKT) gapped up before the market opened on Wednesday . The stock had previously closed at $12.13, but opened at $12.54. Rocket Companies shares last traded at $12.21, with a volume of 807,249 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on RKT. Barclays decreased their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, November 13th. Bank of America upped their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Wedbush reissued a “neutral” rating and set a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Morgan Stanley started coverage on shares of Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their price target on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating for the company in a research note on Monday, December 9th. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.33.

Rocket Companies Trading Up 2.1 %

The stock has a market cap of $24.71 billion, a PE ratio of -75.81 and a beta of 2.38. The stock has a 50-day moving average price of $15.12 and a two-hundred day moving average price of $16.24. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting 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 business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company earned ($0.01) earnings per share. The company’s revenue was down 46.2% on a year-over-year basis. Sell-side analysts forecast that Rocket Companies, Inc. will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in shares of Rocket Companies in the third quarter valued at about $39,000. Quarry LP grew its holdings in Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after buying an additional 3,899 shares during the last quarter. Blue Trust Inc. acquired a new stake in shares of Rocket Companies during the 2nd quarter worth about $61,000. V Square Quantitative Management LLC purchased a new position in Rocket Companies during the third quarter worth about $120,000. Finally, International Assets Investment Management LLC boosted its holdings in Rocket Companies by 3,429.7% in the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after acquiring an additional 7,168 shares during the last quarter. 4.59% of the stock is 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.