Citigroup Increases Rocket Companies (NYSE:RKT) Price Target to $11.00

Posted by on Aug 6th, 2023

Rocket Companies (NYSE:RKT – Get Free Report) had its price target boosted by equities research analysts at Citigroup from $9.00 to $11.00 in a note issued to investors on Friday, FlyOnTheWall reports. Citigroup’s price objective suggests a potential downside of 1.61% from the company’s current price.

A number of other research analysts have also recently issued reports on RKT. The Goldman Sachs Group boosted their price objective on shares of Rocket Companies from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $8.00 to $9.50 and gave the company a “neutral” rating in a research note on Monday, April 17th. Argus raised shares of Rocket Companies from a “sell” rating to a “hold” rating in a research note on Monday, May 22nd. Morgan Stanley lifted their price target on shares of Rocket Companies from $7.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Piper Sandler boosted their price objective on shares of Rocket Companies from $7.50 to $8.00 in a research report on Monday, May 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.50.

Rocket Companies Price Performance

Rocket Companies stock opened at $11.18 on Friday. The business’s 50-day simple moving average is $9.45 and its 200 day simple moving average is $8.98. The stock has a market cap of $22.09 billion, a price-to-earnings ratio of -53.24 and a beta of 2.15. Rocket Companies has a 12-month low of $5.97 and a 12-month high of $11.54. The company has a quick ratio of 12.65, a current ratio of 12.65 and a debt-to-equity ratio of 1.19.

Rocket Companies (NYSE:RKT – Get Free Report) last posted its quarterly earnings results on Thursday, May 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Rocket Companies had a negative net margin of 0.59% and a negative return on equity of 8.18%. The firm had revenue of $666.07 million during the quarter, compared to the consensus estimate of $754.56 million. As a group, research analysts anticipate that Rocket Companies will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds have recently bought and sold shares of RKT. Handelsbanken Fonder AB acquired a new stake in shares of Rocket Companies in the 2nd quarter valued at approximately $336,000. LPL Financial LLC boosted its stake in shares of Rocket Companies by 45.4% in the 2nd quarter. LPL Financial LLC now owns 242,880 shares of the company’s stock valued at $2,176,000 after purchasing an additional 75,886 shares in the last quarter. Oak Thistle LLC boosted its stake in shares of Rocket Companies by 13.3% in the 2nd quarter. Oak Thistle LLC now owns 27,260 shares of the company’s stock valued at $244,000 after purchasing an additional 3,210 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Rocket Companies in the 2nd quarter valued at approximately $90,000. Finally, Raymond James & Associates boosted its stake in shares of Rocket Companies by 12.1% in the 2nd quarter. Raymond James & Associates now owns 22,401 shares of the company’s stock valued at $201,000 after purchasing an additional 2,416 shares in the last quarter. 4.41% of the stock is owned by institutional investors.

About Rocket Companies

(Get Free Report)

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; Rocket Auto, a virtual marketplace where consumers can shop and compare vehicles of many makes and models from a wide network of dealers; and Rocket Loans, an online-based personal loans business.

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