Analysts Set Rocket Companies, Inc. (NYSE:RKT) Price Target at $20.80

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned an average recommendation of “Hold” from the seventeen brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $20.80.

A number of equities analysts recently commented on RKT shares. JPMorgan Chase & Co. initiated coverage on Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price for the company. Jefferies Financial Group started coverage on shares of Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price for the company. Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Compass Point initiated coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the sale, the director directly owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 17,500 shares of company stock worth $360,225. Company insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently added to or reduced their stakes in the stock. Cloud Capital Management LLC bought a new stake in shares of Rocket Companies in the third quarter worth $25,000. Truvestments Capital LLC bought a new position in shares of 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 approximately $26,000. Pinnacle Bancorp Inc. increased its stake in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares in the last quarter. Finally, City State Bank purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $30,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $13.64 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The business’s 50 day simple moving average is $18.50 and its two-hundred day simple moving average is $18.59. The stock has a market capitalization of $28.70 billion, a P/E ratio of -104.88 and a beta of 2.30. Rocket Companies has a one year low of $10.94 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business’s quarterly revenue was up 52.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 earnings per share. Analysts forecast that Rocket Companies will post 0.15 EPS for the current year.

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.