Rocket Companies (NYSE:RKT – Get Free Report)‘s stock had its “sector perform” rating restated by analysts at Royal Bank Of Canada in a research note issued to investors on Monday,Benzinga reports. They presently have a $20.00 price target on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 34.00% from the stock’s current price.
RKT has been the subject of a number of other research reports. Zacks Research cut Rocket Companies from a “hold” rating to a “strong sell” rating in a report on Monday, April 13th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Compass Point started coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Finally, Wells Fargo & Company decreased their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Nine research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $21.00.
Read Our Latest Stock Report on Rocket Companies
Rocket Companies Stock Performance
Rocket Companies (NYSE:RKT – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm’s revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. As a group, research analysts forecast that Rocket Companies will post 0.63 earnings per share for the current year.
Hedge Funds Weigh In On Rocket Companies
Several hedge funds have recently bought and sold shares of the company. Brooktree Capital Management increased its position in shares of Rocket Companies by 27.5% during the third quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after purchasing an additional 32,088 shares in the last quarter. Cibc World Market Inc. acquired a new position in Rocket Companies in the 3rd quarter valued at $2,689,000. Udine Wealth Management Inc. lifted its position in Rocket Companies by 86.1% in the third quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock valued at $3,257,000 after purchasing an additional 77,736 shares during the period. Thames Capital Management LLC boosted its stake in shares of Rocket Companies by 54.3% in the third quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company’s stock valued at $21,434,000 after buying an additional 389,101 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after buying an additional 5,226,931 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.
About Rocket Companies
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.
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