Morgan Stanley Begins Coverage on Rocket Companies (NYSE:RKT)

Analysts at Morgan Stanley began coverage on shares of Rocket Companies (NYSE:RKT) in a report released on Tuesday, StockNewsAPI reports. The firm set an “equal weight” rating and a $18.00 price target on the stock. Morgan Stanley’s target price points to a potential upside of 14.43% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Wedbush boosted their price target on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Bank of America boosted their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Wells Fargo & Company raised their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Finally, 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 research note on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.15.

Rocket Companies Stock Performance

NYSE RKT opened at $15.73 on Tuesday. The firm has a market capitalization of $31.29 billion, a P/E ratio of 224.75 and a beta of 2.46. The stock has a 50-day simple moving average of $18.28 and a two-hundred day simple moving average of $16.16. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. Rocket Companies has a fifty-two week low of $7.85 and a fifty-two week high of $21.38.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors have recently bought and sold shares of RKT. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies in the third quarter valued at approximately $39,000. Quarry LP lifted its holdings in Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares in the last quarter. Blue Trust Inc. acquired a new stake in Rocket Companies during the 2nd quarter worth $61,000. EntryPoint Capital LLC purchased a new stake in shares of Rocket Companies during the first quarter worth $77,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Rocket Companies in the third quarter valued at about $120,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.