Keefe, Bruyette & Woods Cuts Rocket Companies (NYSE:RKT) Price Target to $19.00

Rocket Companies (NYSE:RKT) had its price target lowered by Keefe, Bruyette & Woods from $20.00 to $19.00 in a research note published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on RKT. JPMorgan Chase & Co. lowered their target price on shares of Rocket Companies from $15.50 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Stephens decreased their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Royal Bank Of Canada lowered their price objective on shares of Rocket Companies from $20.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Friday, August 7th. Finally, Benchmark dropped their price objective on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a report on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.87.

Rocket Companies Price Performance

Rocket Companies stock opened at $14.06 on Monday. The stock has a market cap of $39.78 billion, a price-to-earnings ratio of 100.43 and a beta of 2.19. The company has a quick ratio of 4.37, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. The business has a 50-day simple moving average of $14.02 and a 200 day simple moving average of $15.26. Rocket Companies has a 52 week low of $12.17 and a 52 week high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The company’s revenue was up 91.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 EPS. On average, research analysts forecast that Rocket Companies will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. Amundi lifted its holdings in Rocket Companies by 152.1% in the first quarter. Amundi now owns 13,725,878 shares of the company’s stock worth $195,594,000 after buying an additional 8,280,463 shares during the period. Prescott Group Capital Management L.L.C. bought a new stake in Rocket Companies during the 4th quarter valued at approximately $4,259,000. KBC Group NV bought a new stake in Rocket Companies during the 4th quarter valued at approximately $2,857,000. Finally, Andra AP fonden grew its holdings in shares of Rocket Companies by 48.0% during the 1st quarter. Andra AP fonden now owns 729,357 shares of the company’s stock worth $10,393,000 after acquiring an additional 236,632 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.