Rocket Companies (NYSE:RKT) Stock Rating Upgraded by Benchmark

Rocket Companies (NYSE:RKT) was upgraded by investment analysts at Benchmark to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Compass Point started coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Finally, Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.87.

Rocket Companies Trading Up 0.7%

Shares of RKT opened at $15.87 on Monday. 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 12-month low of $12.17 and a 12-month high of $24.36. The firm has a market capitalization of $44.89 billion, a PE ratio of 317.34 and a beta of 2.16. The stock’s fifty day simple moving average is $14.19 and its 200-day simple moving average is $16.63.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company’s revenue was up 167.1% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. As a group, research analysts predict that Rocket Companies will post 0.63 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently made changes to their positions in RKT. Vanguard Group Inc. increased 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 valued at $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings 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 worth $507,037,000 after acquiring an additional 25,966,725 shares in the last quarter. Morgan Stanley lifted its holdings in Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after acquiring an additional 22,196,782 shares in the last quarter. State Street Corp grew its stake in Rocket Companies by 323.9% in the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after acquiring an additional 15,807,776 shares during the period. 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 acquiring an additional 13,985,025 shares during the period. Institutional investors and hedge funds 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.