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

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the firm, MarketBeat reports. Nine equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $20.9286.

RKT has been the subject of several research reports. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Wells Fargo & Company reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Finally, Citizens Jmp began coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Rocket Companies by 280.3% during the fourth 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. ValueAct Holdings L.P. lifted its position in shares of Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after acquiring an additional 13,985,025 shares in the last quarter. Nuveen LLC lifted its position in shares of Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after acquiring an additional 1,706,659 shares in the last quarter. Morgan Stanley lifted its position in shares of 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. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of 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. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Up 0.0%

RKT opened at $12.65 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. The stock has a market cap of $35.80 billion, a price-to-earnings ratio of 253.08 and a beta of 2.19. Rocket Companies has a twelve month low of $12.38 and a twelve month high of $24.36. The company’s 50-day moving average price is $14.54 and its two-hundred day moving average price is $17.24.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the company earned $0.04 earnings per share. Rocket Companies’s revenue was up 167.1% compared to the same quarter last year. As a group, equities analysts expect that Rocket Companies will post 0.65 earnings per share 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.