Wedbush Weighs in on Rocket Companies, Inc.’s Q2 2022 Earnings (NYSE:RKT)

Rocket Companies, Inc. (NYSE:RKTGet Rating) – Stock analysts at Wedbush dropped their Q2 2022 EPS estimates for Rocket Companies in a note issued to investors on Tuesday, May 17th. Wedbush analyst H. Coffey now forecasts that the company will post earnings per share of $0.04 for the quarter, down from their previous estimate of $0.32. Wedbush has a “NA” rating and a $7.00 price target on the stock. Wedbush also issued estimates for Rocket Companies’ Q3 2022 earnings at $0.02 EPS, Q4 2022 earnings at $0.02 EPS, FY2022 earnings at $0.22 EPS and FY2023 earnings at $0.63 EPS.

Rocket Companies (NYSE:RKTGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the business posted $0.55 earnings per share. The firm’s quarterly revenue was down 52.2% compared to the same quarter last year.

Several other brokerages also recently commented on RKT. Bank of America downgraded shares of Rocket Companies from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $21.00 to $11.00 in a research note on Tuesday, February 22nd. Barclays decreased their target price on Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 12th. The Goldman Sachs Group dropped their price objective on shares of Rocket Companies from $14.00 to $11.50 and set a “neutral” rating on the stock in a research note on Monday, April 4th. Royal Bank of Canada reduced their price objective on Rocket Companies from $18.00 to $9.00 in a research report on Thursday, May 12th. Finally, Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating and cut their target price for the stock from $10.00 to $7.00 in a research note on Sunday, May 15th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.97.

Shares of Rocket Companies stock opened at $8.99 on Friday. The company has a debt-to-equity ratio of 1.40, a current ratio of 13.54 and a quick ratio of 13.54. Rocket Companies has a one year low of $6.91 and a one year high of $22.68. The business’s 50 day simple moving average is $9.64 and its two-hundred day simple moving average is $12.65. The stock has a market capitalization of $17.71 billion, a P/E ratio of 5.42, a price-to-earnings-growth ratio of 1.95 and a beta of 1.39.

The company also recently disclosed a dividend, which was paid on Tuesday, March 22nd. Stockholders of record on Tuesday, March 8th were paid a $1.01 dividend. The ex-dividend date of this dividend was Monday, March 7th.

In other news, CEO Jay Farner bought 8,600 shares of the stock in a transaction dated Monday, April 4th. The shares were acquired at an average cost of $11.52 per share, with a total value of $99,072.00. Following the purchase, the chief executive officer now directly owns 1,577,607 shares in the company, valued at approximately $18,174,032.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have purchased 409,600 shares of company stock valued at $3,738,233 over the last 90 days. 93.20% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in RKT. Moors & Cabot Inc. purchased a new position in shares of Rocket Companies during the 3rd quarter worth approximately $31,000. Rockefeller Capital Management L.P. boosted its position in shares of Rocket Companies by 173.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,500 shares of the company’s stock valued at $49,000 after purchasing an additional 2,219 shares during the period. US Bancorp DE boosted its stake in Rocket Companies by 341.4% during the 1st quarter. US Bancorp DE now owns 4,414 shares of the company’s stock worth $49,000 after purchasing an additional 3,414 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Rocket Companies during the first quarter worth about $52,000. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in shares of Rocket Companies by 111.6% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,640 shares of the company’s stock valued at $58,000 after purchasing an additional 1,920 shares during the last quarter. 3.71% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Company Profile (Get Rating)

Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses 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, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

Further Reading

Earnings History and Estimates for Rocket Companies (NYSE:RKT)

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