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

Rocket Companies, Inc. (NYSE:RKT) has earned a consensus rating of “Hold” from the sixteen analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $20.50.

RKT has been the topic of several analyst reports. The Goldman Sachs Group reissued a “neutral” rating and set a $22.00 price objective (up from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Jefferies Financial Group began coverage on Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 target price on the stock. Oppenheimer began coverage on Rocket Companies in a report on Thursday, November 13th. They set an “outperform” rating and a $25.00 price target on the stock. BTIG Research reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a research note on Wednesday, November 19th. Finally, JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 target price on the stock.

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 35,000 shares of company stock valued at $694,000. Corporate insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. boosted its holdings in Rocket Companies by 19.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,406,444 shares of the company’s stock valued at $104,669,000 after acquiring an additional 868,441 shares during the period. Compound Planning Inc. purchased a new stake in Rocket Companies in the fourth quarter worth $327,000. Invesco Ltd. lifted its position in shares of Rocket Companies by 202.9% during the fourth quarter. Invesco Ltd. now owns 1,184,072 shares of the company’s stock worth $22,924,000 after purchasing an additional 793,160 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of Rocket Companies by 148.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 36,126 shares of the company’s stock valued at $699,000 after purchasing an additional 21,573 shares during the period. Finally, Corient Private Wealth LLC grew its holdings in shares of Rocket Companies by 101.1% in the fourth quarter. Corient Private Wealth LLC now owns 129,632 shares of the company’s stock worth $2,510,000 after purchasing an additional 65,161 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Down 2.1%

Shares of NYSE RKT opened at $17.97 on Friday. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. Rocket Companies has a 12-month low of $10.94 and a 12-month high of $24.36. The firm’s 50-day moving average price is $20.10 and its 200-day moving average price is $18.92. The stock has a market capitalization of $37.81 billion, a price-to-earnings ratio of 224.59 and a beta of 2.31.

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.