Rocket Companies (NYSE:RKT) Upgraded by Barclays to Overweight Rating

Barclays upgraded shares of Rocket Companies (NYSE:RKT) from an equal weight rating to an overweight rating in a research note released on Monday, MarketBeat.com reports. Barclays currently has $19.00 price target on the stock, down from their prior price target of $22.00.

Several other research analysts have also recently issued reports on RKT. JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a report on Monday, January 12th. They issued a “neutral” rating and a $24.00 target price for the company. Jefferies Financial Group began coverage on shares of Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Finally, Citizens Jmp began coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating for the company. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.93.

Rocket Companies Trading Up 0.3%

Shares of NYSE RKT opened at $15.01 on Monday. Rocket Companies has a 1 year low of $10.94 and a 1 year high of $24.36. The stock has a market cap of $42.32 billion, a P/E ratio of -115.45 and a beta of 2.34. The firm has a 50-day moving average of $16.74 and a 200 day moving average of $18.11. 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 earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business’s revenue for the quarter was up 52.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 earnings per share. As a group, sell-side analysts expect that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 7,500 shares of company stock worth $167,575 over the last three months. 92.64% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RKT. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after purchasing an additional 25,966,725 shares during the last quarter. Morgan Stanley raised its holdings in shares of Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the last quarter. State Street Corp raised its holdings in shares of Rocket Companies by 323.9% during the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after purchasing an additional 15,807,776 shares during the last quarter. Finally, ValueAct Holdings L.P. raised its holdings in shares of Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after purchasing an additional 13,985,025 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.