Rocket Companies, Inc. (NYSE:RKT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen brokerages that are presently covering the company, Marketbeat reports. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $20.9286.

Several analysts recently issued reports on the company. Wells Fargo & Company dropped their target price on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Stephens assumed coverage on Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Finally, Citizens Jmp assumed coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock.

Rocket Companies Stock Performance

RKT opened at $14.52 on Monday. Rocket Companies has a 52-week low of $12.25 and a 52-week high of $24.36. The firm has a market capitalization of $41.08 billion, a PE ratio of 290.36 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The business’s 50-day simple moving average is $14.61 and its 200 day simple moving average is $17.37.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the company posted $0.04 earnings per share. Rocket Companies’s revenue was up 167.1% on a year-over-year basis. As a group, sell-side analysts expect that Rocket Companies will post 0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently bought and sold shares of RKT. Truvestments Capital LLC acquired a new position in Rocket Companies during the fourth quarter worth approximately $26,000. Acumen Wealth Advisors LLC acquired a new position in Rocket Companies during the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. increased its position in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank acquired a new position in Rocket Companies during the fourth quarter worth approximately $30,000. Finally, Smithfield Trust Co acquired a new position in Rocket Companies during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.