Piper Sandler Initiates Coverage on Rocket Companies (NYSE:RKT)

Piper Sandler began coverage on shares of Rocket Companies (NYSE:RKT) in a report published on Tuesday morning, PriceTargets.com reports. The firm issued a neutral rating and a $18.00 target price on the stock.

Several other equities research analysts have also commented on the company. Bank of America restated a neutral rating and set a $24.00 target price (down previously from $27.00) on shares of Rocket Companies in a research report on Tuesday, April 27th. The Goldman Sachs Group cut their target price on Rocket Companies from $23.00 to $18.50 and set a neutral rating on the stock in a research report on Friday, May 7th. Zacks Investment Research lowered Rocket Companies from a hold rating to a strong sell rating in a research report on Tuesday, May 18th. Credit Suisse Group cut their target price on Rocket Companies from $23.00 to $21.50 and set a neutral rating on the stock in a research report on Thursday, May 6th. Finally, Royal Bank of Canada restated a sector perform rating and set a $30.00 target price on shares of Rocket Companies in a research report on Tuesday, March 9th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $23.53.

NYSE RKT opened at $20.60 on Tuesday. The company has a 50-day moving average of $20.28. Rocket Companies has a 12 month low of $16.22 and a 12 month high of $43.00. The company has a market cap of $40.90 billion and a price-to-earnings ratio of 6.46. The company has a debt-to-equity ratio of 2.22, a current ratio of 20.92 and a quick ratio of 20.92.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Wednesday, May 5th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.37). Rocket Companies had a net margin of 19.96% and a return on equity of 139.59%. The company had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.41 billion. On average, analysts forecast that Rocket Companies will post 2.44 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Rocket Companies by 174.6% in the fourth quarter. BlackRock Inc. now owns 8,078,800 shares of the company’s stock worth $163,353,000 after purchasing an additional 5,136,256 shares during the last quarter. Technology Crossover Management X Ltd. purchased a new stake in shares of Rocket Companies during the fourth quarter valued at approximately $89,979,000. Morgan Stanley increased its position in shares of Rocket Companies by 165.8% during the first quarter. Morgan Stanley now owns 3,641,838 shares of the company’s stock valued at $84,090,000 after acquiring an additional 2,271,557 shares during the last quarter. Third Point LLC purchased a new stake in shares of Rocket Companies during the first quarter valued at approximately $34,635,000. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Rocket Companies during the first quarter valued at approximately $30,471,000. 3.70% of the stock is owned by hedge funds and other institutional investors.

About Rocket Companies

Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and eCommerce businesses in the United States and Canada. It operates in 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to national car rental and online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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