Rocket Companies, Inc. (NYSE:RKT) Receives $19.87 Consensus Target Price from Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned an average rating of “Moderate Buy” from the nineteen analysts that are covering the company, MarketBeat.com reports. Nine analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $19.8667.

Several analysts recently weighed in on RKT shares. Benchmark decreased their price objective on Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a report on Friday, August 7th. Barclays reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rocket Companies in a research note on Friday, August 7th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, August 10th.

Rocket Companies Trading Down 0.6%

RKT opened at $13.97 on Friday. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. The stock’s fifty day moving average is $14.23 and its two-hundred day moving average is $15.00. The company has a market capitalization of $39.56 billion, a P/E ratio of 99.79 and a beta of 2.19. Rocket Companies has a 52 week low of $12.17 and a 52 week high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the prior year, the business earned $0.04 EPS. The business’s revenue for the quarter was up 91.9% compared to the same quarter last year. Analysts forecast that Rocket Companies will post 0.53 earnings per share for the current year.

Institutional Trading of Rocket Companies

Several hedge funds and other institutional investors have recently bought and sold shares of RKT. Vanguard Group Inc. raised its position in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after purchasing an additional 25,966,725 shares in the last quarter. Morgan Stanley boosted its position in Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares in the last quarter. State Street Corp boosted its position in Rocket Companies by 323.9% during the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after purchasing an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. grew its stake in Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after purchasing an additional 13,985,025 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

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.