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.
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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