Rocket Companies (NYSE:RKT) Upgraded by Keefe, Bruyette & Woods to “Outperform” Rating

Keefe, Bruyette & Woods upgraded shares of Rocket Companies (NYSE:RKT) from a market perform rating to an outperform rating in a research report released on Monday morning, MarketBeat.com reports. Keefe, Bruyette & Woods currently has $22.00 price target on the stock, up from their previous price target of $20.00.

A number of other brokerages have also issued reports on RKT. JPMorgan Chase & Co. initiated coverage on Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Wells Fargo & Company increased their price target on Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a report on Friday, February 27th. BTIG Research restated a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a research note on Wednesday, November 19th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Finally, Jefferies Financial Group started coverage on Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.80.

Rocket Companies Price Performance

Shares of RKT stock opened at $14.75 on Monday. The company has a market capitalization of $31.03 billion, a PE ratio of -113.42 and a beta of 2.30. The firm has a fifty day simple moving average of $19.10 and a 200-day simple moving average of $18.70. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. Rocket Companies has a twelve month low of $10.94 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the business earned $0.04 EPS. The business’s revenue was up 52.2% on a year-over-year basis. Equities research analysts anticipate that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In related 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 transaction of $57,475.00. Following the transaction, the director directly owned 1,038,536 shares in the company, valued at $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 22,500 shares of company stock worth $453,775. Corporate insiders own 92.64% of the company’s stock.

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies in the 3rd quarter valued at about $25,000. Truvestments Capital LLC acquired a new stake in Rocket Companies during the fourth quarter worth about $26,000. Acumen Wealth Advisors LLC bought a new position in Rocket Companies in the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. lifted its holdings in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares during the last quarter. Finally, City State Bank acquired a new position in Rocket Companies in the fourth quarter valued at approximately $30,000. 4.59% of the stock is 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.