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

Rocket Companies, Inc. (NYSE:RKT) has earned a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the stock, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $20.8667.

Several research analysts have recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Finally, Stephens began coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of RKT. Truvestments Capital LLC bought a new stake in shares of Rocket Companies in the 4th quarter worth approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in Rocket Companies during the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. boosted its holdings 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 in the last quarter. City State Bank acquired a new position in Rocket Companies in the fourth quarter worth approximately $30,000. Finally, Smithfield Trust Co acquired a new position in Rocket Companies in the fourth quarter worth approximately $32,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Down 0.8%

Shares of Rocket Companies stock opened at $15.72 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies has a 1-year low of $12.17 and a 1-year high of $24.36. The business’s fifty day moving average price is $14.19 and its two-hundred day moving average price is $16.61. The company has a market capitalization of $44.49 billion, a P/E ratio of 314.46 and a beta of 2.16.

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, topping the consensus estimate 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 net margin of 2.78% and a return on equity of 4.30%. The company’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.04 earnings per share. As a group, research analysts forecast that Rocket Companies will post 0.63 EPS for the current year.

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.