Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Recommendation of “Hold” from Analysts

Rocket Companies, Inc. (NYSE:RKT) has been assigned an average recommendation of “Hold” from the sixteen research firms that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $19.3214.

A number of analysts have recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 price target for the company. UBS Group set a $17.00 target price on Rocket Companies and gave the stock a “neutral” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday. Oppenheimer began coverage on Rocket Companies in a report on Thursday, November 13th. They set an “outperform” rating and a $25.00 price target for the company. Finally, Morgan Stanley boosted their price objective on shares of Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Monday, September 29th.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total transaction of $48,600.00. Following the completion of the transaction, the director owned 1,066,036 shares of the company’s stock, valued at approximately $20,723,739.84. This trade represents a 0.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 32,500 shares of company stock valued at $611,850. Corporate insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Institutional investors have recently bought and sold shares of the company. ValueAct Holdings L.P. grew its holdings in shares of Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after purchasing an additional 10,270,018 shares in the last quarter. Vanguard Group Inc. increased its holdings in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after buying an additional 5,226,931 shares during the last quarter. Boston Partners raised its position in shares of Rocket Companies by 6.2% during the 2nd quarter. Boston Partners now owns 14,560,706 shares of the company’s stock worth $206,610,000 after acquiring an additional 856,367 shares in the last quarter. Durable Capital Partners LP acquired a new stake in Rocket Companies during the third quarter worth approximately $213,010,000. Finally, Wellington Management Group LLP grew its position in shares of Rocket Companies by 30.6% in the 3rd quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock valued at $122,060,000 after buying an additional 1,474,040 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Down 3.4%

NYSE RKT opened at $19.37 on Friday. The business’s fifty day simple moving average is $18.26 and its 200-day simple moving average is $17.42. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The firm has a market cap of $40.76 billion, a PE ratio of 242.16 and a beta of 2.29. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $22.56.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. Rocket Companies’s revenue was up 148.1% compared to the same quarter last year. During the same period last year, the business earned $0.08 earnings per share. As a group, equities analysts anticipate that Rocket Companies will post 0.15 earnings per share for the current year.

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.