Rocket Companies (NYSE:RKT) Upgraded at Stephens

Stephens upgraded shares of Rocket Companies (NYSE:RKT) to a strong-buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

RKT has been the subject of a number of other reports. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $22.00 in a research note on Monday, March 16th. Zacks Research cut Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Citizens Jmp initiated coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. decreased their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $22.00 to $19.00 in a research note on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.40.

Rocket Companies Stock Up 2.2%

NYSE:RKT opened at $15.62 on Thursday. Rocket Companies has a 1 year low of $11.08 and a 1 year high of $24.36. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. The stock has a market cap of $44.04 billion, a price-to-earnings ratio of -120.14 and a beta of 2.34. The stock has a 50-day moving average price of $15.64 and a two-hundred day moving average price of $17.78.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the firm earned $0.04 earnings per share. The company’s revenue was up 52.2% on a year-over-year basis. As a group, equities analysts expect that Rocket Companies will post 0.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Canton Hathaway LLC grew its holdings in shares of Rocket Companies by 686.2% during the first quarter. Canton Hathaway LLC now owns 165,880 shares of the company’s stock worth $2,364,000 after buying an additional 144,780 shares in the last quarter. USS Investment Management Ltd grew its holdings in shares of Rocket Companies by 4.8% during the first quarter. USS Investment Management Ltd now owns 169,845 shares of the company’s stock worth $2,423,000 after buying an additional 7,834 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Rocket Companies by 8.4% during the first quarter. IFM Investors Pty Ltd now owns 179,165 shares of the company’s stock worth $2,553,000 after buying an additional 13,884 shares in the last quarter. Capricorn Fund Managers Ltd bought a new position in shares of Rocket Companies during the first quarter worth about $286,000. Finally, Apollon Wealth Management LLC grew its holdings in shares of Rocket Companies by 12.7% during the first quarter. Apollon Wealth Management LLC now owns 15,786 shares of the company’s stock worth $225,000 after buying an additional 1,781 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

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.