Rocket Companies (NYSE:RKT) Trading 9.6% Higher – Should You Buy?

Rocket Companies, Inc. (NYSE:RKT) traded up 9.6% on Friday . The stock traded as high as $23.16 and last traded at $23.2890. 26,766,775 shares changed hands during trading, a decline of 13% from the average session volume of 30,724,816 shares. The stock had previously closed at $21.24.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RKT shares. Morgan Stanley upped their target price on shares of Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Monday, September 29th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Rocket Companies in a research report on Monday, October 13th. UBS Group set a $17.00 price objective on Rocket Companies and gave the company a “neutral” rating in a research note on Friday, October 10th. Finally, Wells Fargo & Company lifted their target price on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $19.54.

Rocket Companies Trading Up 8.9%

The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The company’s fifty day moving average price is $18.63 and its two-hundred day moving average price is $17.67. The firm has a market cap of $48.70 billion, a PE ratio of 289.27 and a beta of 2.29.

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

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the transaction, the director owned 1,066,036 shares in the company, valued at $20,723,739.84. This trade represents a 0.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 32,500 shares of company stock worth $611,850. Corporate insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Hedge funds have recently bought and sold shares of the company. Lincoln Capital Corp raised its position in shares of Rocket Companies by 304.1% during the 2nd quarter. Lincoln Capital Corp now owns 270,614 shares of the company’s stock valued at $3,837,000 after acquiring an additional 203,639 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Rocket Companies in the 1st quarter valued at about $5,381,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Rocket Companies in the 2nd quarter valued at about $44,102,000. MFG Wealth Management Inc. grew its position in shares of Rocket Companies by 37.6% during the 2nd quarter. MFG Wealth Management Inc. now owns 177,762 shares of the company’s stock valued at $2,521,000 after buying an additional 48,560 shares during the last quarter. Finally, Clifford Capital Partners LLC bought a new stake in shares of Rocket Companies during the 2nd quarter valued at about $11,487,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.