Rocket Companies (NYSE:RKT) Price Target Cut to $16.00 by Analysts at Piper Sandler

Rocket Companies (NYSE:RKT) had its price objective reduced by equities research analysts at Piper Sandler from $17.00 to $16.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 13.23% from the stock’s previous close.

A number of other brokerages also recently commented on RKT. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Royal Bank of Canada dropped their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Wells Fargo & Company boosted 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. Finally, Bank of America raised their target price on Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average price target of $14.73.

Rocket Companies Price Performance

Shares of RKT opened at $14.13 on Thursday. Rocket Companies has a 52 week low of $8.39 and a 52 week high of $21.38. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27. The firm has a market cap of $28.11 billion, a price-to-earnings ratio of -88.31 and a beta of 2.46. The stock has a 50 day moving average of $17.78 and a 200-day moving average of $16.27.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lakeshore Financial Planning Inc. lifted its position in shares of Rocket Companies by 8.0% during the 2nd quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock valued at $185,000 after acquiring an additional 1,000 shares during the last quarter. Wedmont Private Capital lifted its holdings in shares of Rocket Companies by 8.9% during the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock valued at $279,000 after purchasing an additional 1,305 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Rocket Companies by 6.0% in the 2nd quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after purchasing an additional 1,979 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies in the third quarter worth approximately $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Rocket Companies by 7.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after acquiring an additional 2,064 shares during the period. 4.59% of the stock is currently owned by institutional investors.

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.