Rocket Companies (NYSE:RKT) Given New $18.00 Price Target at Royal Bank of Canada

Rocket Companies (NYSE:RKT) had its price objective trimmed by Royal Bank of Canada from $20.00 to $18.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

RKT has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft increased their price objective 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. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a report on Wednesday. UBS Group increased their target price on Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their price target on Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. 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, the stock currently has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Price Performance

RKT stock opened at $13.60 on Wednesday. Rocket Companies has a twelve month low of $8.81 and a twelve month high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. The business’s 50-day simple moving average is $17.54 and its 200 day simple moving average is $16.29.

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, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. Rocket Companies’s revenue for the quarter was down 46.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.01) EPS. Sell-side analysts predict that Rocket Companies will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Lakeshore Financial Planning Inc. raised its stake in shares of Rocket Companies by 8.0% in the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after acquiring an additional 1,000 shares during the last quarter. Wedmont Private Capital lifted its stake 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 acquiring an additional 1,305 shares during the period. Arizona State Retirement System boosted its holdings in Rocket Companies by 6.0% in the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after acquiring an additional 1,979 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Rocket Companies during the 3rd quarter valued at about $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Rocket Companies by 7.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after purchasing an additional 2,064 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

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.