Rocket Companies (NYSE:RKT) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Rocket Companies (NYSE:RKT) from a market perform rating to an outperform rating in a research report released on Monday morning, Marketbeat.com reports. Keefe, Bruyette & Woods currently has $22.00 target price on the stock, up from their previous target price of $20.00.

A number of other analysts have also recently commented on RKT. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. BTIG Research restated a “buy” rating and set a $25.00 price target on shares of Rocket Companies in a research note on Wednesday, November 19th. Jefferies Financial Group began coverage on shares of Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Finally, Barclays set a $22.00 price objective on shares of Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.80.

Rocket Companies Trading Down 4.2%

Shares of NYSE:RKT opened at $14.22 on Monday. The business’s 50-day moving average is $18.83 and its 200 day moving average is $18.65. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. Rocket Companies has a 1 year low of $10.94 and a 1 year high of $24.36. The firm has a market capitalization of $29.93 billion, a P/E ratio of -109.42 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the company earned $0.04 earnings per share. The company’s quarterly revenue was up 52.2% on a year-over-year basis. On average, research analysts predict that Rocket Companies will post 0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 20,000 shares of company stock valued at $408,250. 92.64% of the stock is currently owned by corporate insiders.

Institutional Trading of Rocket Companies

Large investors have recently made changes to their positions in the business. Cloud Capital Management LLC purchased a new position in shares of Rocket Companies during the third quarter worth $25,000. Truvestments Capital LLC acquired a new position in Rocket Companies during the fourth quarter valued at $26,000. Acumen Wealth Advisors LLC purchased a new stake in Rocket Companies in the fourth quarter valued at $26,000. Pinnacle Bancorp Inc. boosted its holdings in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. Finally, City State Bank acquired a new stake in Rocket Companies during the 4th quarter worth about $30,000. 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.