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

Rocket Companies, Inc. (NYSE:RKT) has been assigned an average recommendation of “Moderate Buy” from the nineteen research firms that are currently covering the stock, MarketBeat.com reports. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $20.7333.

Several equities analysts recently weighed in on RKT shares. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Benchmark began coverage on Rocket Companies in a research report on Monday, June 29th. They issued a “buy” rating and a $21.00 price target for the company. Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th.

Rocket Companies Stock Up 3.6%

RKT opened at $13.53 on Tuesday. The firm’s 50 day simple moving average is $14.05 and its two-hundred day simple moving average is $15.99. The company has a market capitalization of $38.27 billion, a PE ratio of 270.50 and a beta of 2.16. Rocket Companies has a 1-year low of $12.17 and a 1-year high of $24.36. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm 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 revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 EPS. As a group, equities analysts forecast that Rocket Companies will post 0.58 EPS for the current year.

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Truvestments Capital LLC bought a new position in Rocket Companies in the 4th quarter worth approximately $26,000. Acumen Wealth Advisors LLC purchased a new position in shares of Rocket Companies in the fourth quarter worth $26,000. Pinnacle Bancorp Inc. lifted its holdings in shares of Rocket Companies by 369.7% in 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 bought a new position in shares of Rocket Companies during the fourth quarter worth $30,000. Finally, Smithfield Trust Co bought a new position in shares of Rocket Companies during the fourth quarter worth $32,000. 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.