Brokerages Set Rocket Companies, Inc. (NYSE:RKT) Price Target at $13.83

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) have earned a consensus rating of "Reduce" from the twelve brokerages that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $14.08.

A number of brokerages recently commented on RKT. The Goldman Sachs Group dropped their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods raised shares of Rocket Companies from an "underperform" rating to a "market perform" rating and raised their target price for the company from $12.00 to $14.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target on the stock in a research note on Wednesday. UBS Group upgraded shares of Rocket Companies from a "sell" rating to a "neutral" rating and reduced their price objective for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. lowered their target price on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a research report on Tuesday, January 14th.

Remove Ads

Hedge Funds Weigh In On Rocket Companies

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Rocket Companies by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company's stock valued at $19,971,000 after purchasing an additional 72,308 shares during the period. Cerity Partners LLC grew its stake in shares of Rocket Companies by 85.1% in the third quarter. Cerity Partners LLC now owns 31,190 shares of the company's stock valued at $599,000 after acquiring an additional 14,340 shares in the last quarter. Townsquare Capital LLC bought a new position in Rocket Companies during the third quarter worth about $238,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Rocket Companies by 2.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 283,437 shares of the company's stock worth $5,439,000 after purchasing an additional 7,824 shares in the last quarter. Finally, Verition Fund Management LLC boosted its holdings in Rocket Companies by 79.2% in the 3rd quarter. Verition Fund Management LLC now owns 78,982 shares of the company's stock valued at $1,516,000 after purchasing an additional 34,895 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

Rocket Companies Stock Up 11.1 %

Shares of RKT traded up $1.53 on Wednesday, hitting $15.38. The company's stock had a trading volume of 36,549,894 shares, compared to its average volume of 4,106,403. The firm's fifty day moving average price is $13.49 and its 200-day moving average price is $14.23. Rocket Companies has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $30.70 billion, a price-to-earnings ratio of -96.13 and a beta of 2.39.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies's dividend payout ratio is currently 801.25%.

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.