Fintel reports that on August 7, 2023, Keefe, Bruyette & Woods upgraded their outlook for Rocket Companies Inc (NYSE:RKT) from Underperform to Market Perform.
Analyst Price Forecast Suggests 24.45% Downside
As of August 2, 2023, the average one-year price target for Rocket Companies Inc is 8.75. The forecasts range from a low of 6.06 to a high of $11.55. The average price target represents a decrease of 24.45% from its latest reported closing price of 11.58.
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The projected annual revenue for Rocket Companies Inc is 4,268MM, an increase of 11.35%. The projected annual non-GAAP EPS is 0.02.
What is the Fund Sentiment?
There are 429 funds or institutions reporting positions in Rocket Companies Inc. This is a decrease of 13 owner(s) or 2.94% in the last quarter. Average portfolio weight of all funds dedicated to RKT is 0.10%, an increase of 8.63%. Total shares owned by institutions decreased in the last three months by 3.17% to 99,751K shares. The put/call ratio of RKT is 0.71, indicating a bullish outlook.
What are Other Shareholders Doing?
Caledonia (Private) Investments Pty holds 5,303K shares representing 4.18% ownership of the company. In it’s prior filing, the firm reported owning 10,595K shares, representing a decrease of 99.79%. The firm decreased its portfolio allocation in RKT by 45.93% over the last quarter.
Invesco holds 5,176K shares representing 4.08% ownership of the company. In it’s prior filing, the firm reported owning 6,141K shares, representing a decrease of 18.63%. The firm increased its portfolio allocation in RKT by 3.91% over the last quarter.
Technology Crossover Management X holds 4,450K shares representing 3.50% ownership of the company. No change in the last quarter.
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) – Invesco Oppenheimer Main Street Fund Class C holds 4,284K shares representing 3.37% ownership of the company. In it’s prior filing, the firm reported owning 4,953K shares, representing a decrease of 15.61%. The firm decreased its portfolio allocation in RKT by 19.19% over the last quarter.
Capital World Investors holds 3,632K shares representing 2.86% ownership of the company. In it’s prior filing, the firm reported owning 2,416K shares, representing an increase of 33.47%. The firm increased its portfolio allocation in RKT by 88.64% over the last quarter.
Rocket Companies Background Information
(This description is provided by the company.)
Rocket Companies is a Detroit-based holding company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast, and trusted digital solutions. Rocket Companies has 22,000 team members across the United States and Canada. Its flagship company, Rocket Mortgage, has been named to Fortune magazine’s list of ‘100 Best Companies to Work For’ for 17 consecutive years.
This article originally appeared on Fintel
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