Rocket Companies (NYSE:RKT) Coverage Initiated at Morgan Stanley

Morgan Stanley began coverage on shares of Rocket Companies (NYSE:RKT - Free Report) in a research note issued to investors on Tuesday, StockNewsAPI reports. The brokerage issued an equal weight rating and a $18.00 price objective on the stock.

Several other equities research analysts also recently issued reports on the company. Royal Bank of Canada upped their price target on Rocket Companies from $16.00 to $20.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 11th. Wedbush increased their target price on shares of Rocket Companies from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, September 11th. UBS Group upped their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a "sell" rating in a research report on Monday, September 16th. Bank of America lifted their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an "underperform" rating in a research report on Thursday, August 29th. Finally, Barclays upped their target price on Rocket Companies from $10.00 to $14.00 and gave the company an "underweight" rating in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $15.15.

Rocket Companies Stock Up 1.9 %

RKT stock traded up $0.31 during midday trading on Tuesday, reaching $16.31. 1,752,042 shares of the company's stock traded hands, compared to its average volume of 2,801,918. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The firm's fifty day moving average price is $18.36 and its 200-day moving average price is $16.13. Rocket Companies has a 52 week low of $7.85 and a 52 week high of $21.38. The company has a market cap of $32.45 billion, a price-to-earnings ratio of 231.75 and a beta of 2.46.

Hedge Funds Weigh In On Rocket Companies

Large investors have recently modified their holdings of the company. Boston Partners lifted its position in Rocket Companies by 4.2% during the first quarter. Boston Partners now owns 9,382,173 shares of the company's stock valued at $136,462,000 after purchasing an additional 381,841 shares during the last quarter. Renaissance Technologies LLC increased its stake in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company's stock valued at $33,821,000 after acquiring an additional 510,400 shares during the last quarter. Marshall Wace LLP purchased a new stake in Rocket Companies during the second quarter valued at about $10,811,000. Greylin Investment Management Inc lifted its stake in Rocket Companies by 45.7% during the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company's stock worth $4,875,000 after purchasing an additional 111,563 shares during the last quarter. Finally, Philip James Wealth Mangement LLC purchased a new position in shares of Rocket Companies in the 3rd quarter worth about $6,811,000. 4.59% of the stock is currently 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.