Rocket Companies, Inc. (NYSE:RKT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have received an average rating of “Hold” from the sixteen analysts that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $19.3214.

Several research firms recently commented on RKT. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Wells Fargo & Company increased their target price on shares of Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 price target (up previously from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Barclays set a $19.00 price target on Rocket Companies and gave the stock a “cautious” rating in a research report on Monday, October 6th.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the sale, the director owned 1,066,036 shares of the company’s stock, valued at approximately $20,723,739.84. The trade was a 0.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 32,500 shares of company stock worth $611,850. Company insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently modified their holdings of the business. Raymond James Financial Inc. lifted its stake in shares of Rocket Companies by 17.5% in the first quarter. Raymond James Financial Inc. now owns 361,975 shares of the company’s stock worth $4,369,000 after buying an additional 53,887 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Rocket Companies by 39.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 156,054 shares of the company’s stock valued at $1,884,000 after acquiring an additional 44,064 shares during the last quarter. Vident Advisory LLC lifted its stake in Rocket Companies by 16.2% in the 1st quarter. Vident Advisory LLC now owns 35,794 shares of the company’s stock worth $432,000 after purchasing an additional 4,996 shares in the last quarter. Quarry LP acquired a new position in shares of Rocket Companies during the 1st quarter worth approximately $90,000. Finally, Royal Bank of Canada grew its position in shares of Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Down 3.4%

Rocket Companies stock opened at $19.37 on Friday. The business’s 50-day moving average price is $18.26 and its 200 day moving average price is $17.42. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The firm has a market cap of $40.76 billion, a price-to-earnings ratio of 242.16 and a beta of 2.29. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $22.56.

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

About Rocket Companies

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.