Rocket Companies, Inc. (NYSE:RKT) Given Average Recommendation of “Hold” by Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have been given a consensus rating of “Hold” by the sixteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $20.50.

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 price target (up previously from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Jefferies Financial Group started coverage on Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price on the stock. BTIG Research restated a “buy” rating and issued a $25.00 price target on shares of Rocket Companies in a research note on Wednesday, November 19th. Finally, Keefe, Bruyette & Woods upped their price objective on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th.

Rocket Companies Trading Up 0.7%

NYSE:RKT opened at $21.21 on Tuesday. Rocket Companies has a 12-month low of $10.94 and a 12-month high of $24.36. The firm has a market cap of $44.64 billion, a PE ratio of 265.16 and a beta of 2.29. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. The stock has a fifty day moving average price of $19.97 and a 200 day moving average price of $18.40.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate 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 was up 148.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.08 EPS. Sell-side 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 stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total value of $48,600.00. Following the transaction, the director directly owned 1,066,036 shares of the company’s stock, valued at $20,723,739.84. This trade represents a 0.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 40,000 shares of company stock valued at $779,425. Corporate insiders own 92.64% of the company’s stock.

Institutional Trading of Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in RKT. Royal Bank of Canada increased its position in Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after buying an additional 22,861 shares during the period. Amundi boosted its stake in shares of Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after buying an additional 997 shares during the period. AQR Capital Management LLC increased its position in Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after acquiring an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Rocket Companies by 12.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after acquiring an additional 40,326 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Rocket Companies by 1,617.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 16,543 shares of the company’s stock worth $235,000 after acquiring an additional 15,580 shares during the period. 4.59% of the stock is owned by hedge funds and other 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.