Jefferies Financial Group Begins Coverage on Rocket Companies (NYSE:RKT)

Research analysts at Jefferies Financial Group assumed coverage on shares of Rocket Companies (NYSE:RKT) in a research report issued on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $25.00 price target on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 31.03% from the stock’s previous close.

RKT has been the topic of a number of other reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $22.00 price objective (up from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Morgan Stanley upped their price target on shares of Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Monday, September 29th. BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a research note on Wednesday, November 19th. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday. Finally, UBS Group set a $17.00 target price on Rocket Companies and gave the company a “neutral” rating in a report on Friday, October 10th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.32.

Rocket Companies Stock Performance

NYSE RKT opened at $19.08 on Friday. The business has a 50 day moving average price of $17.81 and a 200 day moving average price of $17.05. The company has a market capitalization of $40.15 billion, a P/E ratio of 238.53 and a beta of 2.26. Rocket Companies has a 1-year low of $10.06 and a 1-year high of $22.56. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the company earned $0.08 earnings per share. Rocket Companies’s revenue was up 148.1% compared to the same quarter last year. Sell-side analysts expect that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $18.21, for a total transaction of $45,525.00. Following the completion of the sale, the director directly owned 1,078,536 shares of the company’s stock, valued at approximately $19,640,140.56. This represents a 0.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 20,000 shares of company stock valued at $371,175 over the last ninety days. 92.64% of the stock is owned by corporate insiders.

Institutional Trading of Rocket Companies

Large investors have recently modified their holdings of the business. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies in the third quarter worth about $25,000. North Capital Inc. grew its stake in Rocket Companies by 287.2% during the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock valued at $26,000 after purchasing an additional 1,350 shares in the last quarter. SouthState Corp increased its holdings in Rocket Companies by 2,044.8% during the 2nd quarter. SouthState Corp now owns 2,059 shares of the company’s stock worth $29,000 after purchasing an additional 1,963 shares during the last quarter. Miller Wealth Advisors LLC raised its position in shares of Rocket Companies by 65.0% in the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after purchasing an additional 650 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in shares of Rocket Companies during the 3rd quarter valued at approximately $38,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.