Rocket Companies (NYSE:RKT) Rating Increased to Strong-Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Rocket Companies (NYSE:RKT) to a strong-buy rating in a research report released on Friday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Rocket Companies in a research report on Monday, October 13th. Wall Street Zen downgraded Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research note on Thursday. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday. Finally, Bank of America upgraded shares of Rocket Companies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $21.00 to $24.00 in a report on Wednesday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.32.

Rocket Companies Trading Up 2.3%

Shares of Rocket Companies stock opened at $19.08 on Friday. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. Rocket Companies has a 1 year low of $10.06 and a 1 year high of $22.56. The firm has a market cap of $40.15 billion, a PE ratio of 238.53 and a beta of 2.26. The company has a 50 day simple moving average of $17.81 and a two-hundred day simple moving average of $17.02.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the company posted $0.08 EPS. The business’s quarterly revenue was up 148.1% on a year-over-year basis. Analysts expect that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $18.21, for a total transaction of $45,525.00. Following the completion of the sale, the director owned 1,078,536 shares of the company’s stock, valued at approximately $19,640,140.56. This represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 20,000 shares of company stock valued at $371,175 in the last ninety days. Insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKT. PNC Financial Services Group Inc. grew its holdings in Rocket Companies by 18.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock worth $55,000 after acquiring an additional 605 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Rocket Companies by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock worth $365,000 after purchasing an additional 636 shares during the period. Miller Wealth Advisors LLC grew its stake in shares of Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after purchasing an additional 650 shares during the last quarter. Parallel Advisors LLC increased its holdings in Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after purchasing an additional 677 shares during the period. Finally, Amundi raised its position in Rocket Companies by 2.3% during the 2nd quarter. Amundi now owns 34,170 shares of the company’s stock valued at $498,000 after purchasing an additional 754 shares during the last quarter. 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.