Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Rocket Companies, Inc. (NYSE:RKT) has received a consensus recommendation of “Moderate Buy” from the nineteen research firms that are presently covering the stock, MarketBeat reports. Nine equities research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $20.7333.

RKT has been the subject of several recent research reports. Keefe, Bruyette & Woods decreased their price target on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Benchmark initiated coverage on Rocket Companies in a report on Monday, June 29th. They issued a “buy” rating and a $21.00 target price on the stock. Citizens Jmp assumed coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research report on Monday, July 13th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Truvestments Capital LLC acquired a new stake in Rocket Companies during the fourth quarter worth approximately $26,000. Acumen Wealth Advisors LLC acquired a new position in Rocket Companies in the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. boosted its holdings in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after buying an additional 1,183 shares in the last quarter. City State Bank bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $30,000. Finally, Smithfield Trust Co acquired a new stake in shares of Rocket Companies during the 4th quarter worth approximately $32,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $13.97 on Tuesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. Rocket Companies has a 52 week low of $12.17 and a 52 week high of $24.36. The firm has a market cap of $39.54 billion, a PE ratio of 279.48 and a beta of 2.16. The firm’s fifty day moving average is $14.11 and its 200-day moving average is $16.23.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 earnings per share. Sell-side analysts predict that Rocket Companies will post 0.59 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.