Rocket Companies (NYSE:RKT) Sets New 1-Year High at $21.38

Rocket Companies, Inc. (NYSE:RKT)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $21.38 and last traded at $20.87, with a volume of 2953694 shares traded. The stock had previously closed at $20.67.

Wall Street Analysts Forecast Growth

RKT has been the topic of several research reports. Bank of America upped their price objective on Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. UBS Group boosted their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research report on Monday. Wedbush increased their price objective on shares of Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Wells Fargo & Company lifted their target price on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.73.

Rocket Companies Stock Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18. The stock has a fifty day moving average price of $17.77 and a two-hundred day moving average price of $14.97. The company has a market cap of $40.78 billion, a P/E ratio of 187.55 and a beta of 2.45.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the business earned ($0.05) EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Rocket Companies, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently made changes to their positions in RKT. Quarry LP boosted its holdings in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after acquiring an additional 3,899 shares in the last quarter. Algert Global LLC boosted its stake in Rocket Companies by 117.2% during the 2nd quarter. Algert Global LLC now owns 23,285 shares of the company’s stock valued at $319,000 after purchasing an additional 12,565 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Rocket Companies by 34.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,110 shares of the company’s stock valued at $344,000 after purchasing an additional 6,377 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Rocket Companies by 306.3% during the 2nd quarter. AQR Capital Management LLC now owns 197,592 shares of the company’s stock valued at $2,707,000 after purchasing an additional 148,965 shares during the period. Finally, Kingfisher Capital LLC raised its stake in shares of Rocket Companies by 1.4% in the 2nd quarter. Kingfisher Capital LLC now owns 183,083 shares of the company’s stock worth $2,508,000 after buying an additional 2,606 shares in the last quarter. 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.