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

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned an average recommendation of “Hold” from the eighteen research firms that are presently covering the firm, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $20.8571.

Several brokerages recently weighed in on RKT. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company dropped their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Keefe, Bruyette & Woods dropped their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Finally, Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research report on Monday, April 6th.

Rocket Companies Price Performance

Shares of RKT stock opened at $14.73 on Friday. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies has a twelve month low of $12.17 and a twelve month high of $24.36. The company has a market cap of $41.67 billion, a P/E ratio of 294.56 and a beta of 2.19. The business has a fifty day simple moving average of $14.26 and a 200 day simple moving average of $16.73.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share 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 during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the prior year, the company earned $0.04 EPS. Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, sell-side analysts forecast that Rocket Companies will post 0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently bought and sold shares of RKT. Truvestments Capital LLC bought a new position in Rocket Companies in the fourth quarter valued at about $26,000. Acumen Wealth Advisors LLC bought a new position in Rocket Companies in the fourth quarter valued at about $26,000. Pinnacle Bancorp Inc. raised its position in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank bought a new position in Rocket Companies in the fourth quarter valued at about $30,000. Finally, Smithfield Trust Co bought a new position in Rocket Companies in the fourth quarter valued at about $32,000. 4.59% of the stock is currently owned by institutional investors.

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.