Rocket Companies (NYSE:RKT) Upgraded to Overweight at Barclays

Rocket Companies (NYSE:RKT) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Monday,Benzinga reports. The firm currently has a $19.00 target price on the stock, down from their previous target price of $22.00. Barclays‘s price objective would suggest a potential upside of 27.06% from the company’s previous close.

A number of other brokerages also recently issued reports on RKT. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $20.00 to $22.00 in a research note on Monday, March 16th. Wells Fargo & Company increased their target price on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Citizens Jmp initiated coverage on Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating for the company. Finally, Jefferies Financial Group started coverage on shares of Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 price target for the company. Eight research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.93.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $14.95 on Monday. The firm’s 50 day simple moving average is $16.86 and its 200-day simple moving average is $18.16. Rocket Companies has a 12 month low of $10.94 and a 12 month high of $24.36. The stock has a market capitalization of $42.16 billion, a price-to-earnings ratio of -115.02 and a beta of 2.34. 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 (NYSE:RKT) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm posted $0.04 EPS. Rocket Companies’s quarterly revenue was up 52.2% compared to the same quarter last year. Analysts expect that Rocket Companies will post 0.15 EPS for the current year.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the 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 sale, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 7,500 shares of company stock worth $167,575 in the last ninety days. Corporate insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies during the third quarter worth $25,000. Truvestments Capital LLC purchased a new stake in Rocket Companies during the 4th quarter worth $26,000. Acumen Wealth Advisors LLC purchased a new stake in Rocket Companies during the 4th quarter worth $26,000. Pinnacle Bancorp Inc. lifted its holdings in 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 buying an additional 1,183 shares in the last quarter. Finally, City State Bank acquired a new position in Rocket Companies in the 4th quarter worth $30,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.