Rocket Companies, Inc. (NYSE:RKT) Receives Average Recommendation of “Hold” from Analysts

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned a consensus rating of “Hold” from the seventeen brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $20.80.

A number of analysts have recently commented on RKT shares. BTIG Research reissued a “buy” rating and set a $25.00 target price on shares of Rocket Companies in a research note on Wednesday, November 19th. Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. initiated coverage on Rocket Companies in a report on Monday, January 12th. They issued a “neutral” rating and a $24.00 price objective on the stock. Wells Fargo & Company boosted their price objective on Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Finally, Jefferies Financial Group initiated coverage on Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company.

Rocket Companies Trading Up 0.4%

Shares of NYSE:RKT opened at $14.82 on Wednesday. The business’s 50 day moving average price is $18.97 and its 200-day moving average price is $18.68. Rocket Companies has a 1 year low of $10.94 and a 1 year high of $24.36. The firm has a market capitalization of $31.19 billion, a price-to-earnings ratio of -114.02 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm’s revenue was up 52.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 EPS. On average, equities research analysts forecast that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insider Activity at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the transaction, the director owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 20,000 shares of company stock worth $408,250 in the last three months. 92.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds have recently modified their holdings of RKT. Vanguard Group Inc. boosted its position in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Rocket Companies by 11,636.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after acquiring an additional 25,966,725 shares during the last quarter. Morgan Stanley raised its holdings in Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after acquiring an additional 22,196,782 shares during the last quarter. State Street Corp lifted its stake in Rocket Companies by 323.9% in the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after purchasing an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. lifted its stake in Rocket Companies by 55.1% in the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after purchasing an additional 13,985,025 shares in the last quarter. 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.