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

Rocket Companies, Inc. (NYSE:RKT) has received an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $18.1786.

Several equities analysts have recently weighed in on RKT shares. Bank of America raised shares of Rocket Companies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $21.00 to $24.00 in a research report on Wednesday, September 10th. Oppenheimer assumed coverage on shares of Rocket Companies in a report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price target on the stock. UBS Group set a $17.00 price objective on shares of Rocket Companies and gave the stock a “neutral” rating in a research report on Friday, October 10th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Morgan Stanley increased their target price on Rocket Companies from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th.

Rocket Companies Price Performance

NYSE RKT opened at $19.02 on Monday. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The stock has a market cap of $40.03 billion, a price-to-earnings ratio of 237.78 and a beta of 2.26. The business has a 50 day simple moving average of $17.62 and a 200 day simple moving average of $16.66. 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 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. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the firm earned $0.08 EPS. Rocket Companies’s revenue for the quarter was up 148.1% compared to the same quarter last year. Analysts anticipate that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $19.29, for a total transaction of $48,225.00. Following the completion of the sale, the director owned 1,005,684 shares of the company’s stock, valued at approximately $19,399,644.36. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 7,500 shares of company stock worth $133,650. 92.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of the business. Cetera Investment Advisers raised its stake in Rocket Companies by 5.3% in the 1st quarter. Cetera Investment Advisers now owns 34,779 shares of the company’s stock worth $420,000 after purchasing an additional 1,744 shares in the last quarter. US Bancorp DE increased its holdings in shares of Rocket Companies by 81.6% during the first quarter. US Bancorp DE now owns 6,286 shares of the company’s stock worth $76,000 after purchasing an additional 2,824 shares during the period. Vanguard Group Inc. increased its holdings in shares of Rocket Companies by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company’s stock worth $154,418,000 after purchasing an additional 273,475 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rocket Companies by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,266,399 shares of the company’s stock valued at $15,285,000 after buying an additional 103,156 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Rocket Companies by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,601 shares of the company’s stock valued at $261,000 after buying an additional 2,168 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.