Rocket Companies (NYSE:RKT) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Rocket Companies (NYSE:RKT) in a research report sent to investors on Friday morning, Marketbeat.com reports. The firm issued a buy rating and a $25.00 target price on the stock.

A number of other research firms also recently issued reports on RKT. Royal Bank Of Canada lifted their price objective on shares of Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 15th. Keefe, Bruyette & Woods boosted their price target on shares of Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday. Wells Fargo & Company raised their price objective on Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a research report on Wednesday, November 19th. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.32.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $19.08 on Friday. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. The firm has a market cap of $40.15 billion, a price-to-earnings ratio of 238.53 and a beta of 2.26. The stock’s 50-day moving average is $17.81 and its 200-day moving average is $17.09. Rocket Companies has a one year low of $10.06 and a one year 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. The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.65 billion. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.Rocket Companies’s revenue for the quarter was up 148.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.08 EPS. Equities analysts predict 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 Rocket Companies stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $18.21, for a total transaction of $45,525.00. Following the completion of the transaction, the director owned 1,078,536 shares in the company, valued at approximately $19,640,140.56. This trade represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 20,000 shares of company stock valued at $371,175. 92.64% of the stock is currently owned by corporate insiders.

Institutional Trading of Rocket Companies

A number of hedge funds have recently made changes to their positions in RKT. AIA Group Ltd bought a new position in shares of Rocket Companies during the 3rd quarter worth approximately $377,000. Hudson Bay Capital Management LP acquired a new stake in Rocket Companies during the 3rd quarter valued at $13,728,000. Allworth Financial LP boosted its position in Rocket Companies by 85.8% during the third quarter. Allworth Financial LP now owns 3,243 shares of the company’s stock worth $63,000 after purchasing an additional 1,498 shares during the period. IFP Advisors Inc boosted its position in Rocket Companies by 26.2% during the third quarter. IFP Advisors Inc now owns 7,696 shares of the company’s stock worth $157,000 after purchasing an additional 1,596 shares during the period. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Rocket Companies in the third quarter valued at $957,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.