Rocket Companies (NYSE:RKT) Upgraded to Strong-Buy at Benchmark

Benchmark upgraded shares of Rocket Companies (NYSE:RKT) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Several other analysts also recently commented on the stock. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Citizens Jmp started coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods cut their price target on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Finally, Compass Point initiated coverage on Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.87.

Rocket Companies Trading Up 0.7%

Shares of NYSE:RKT opened at $15.87 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. Rocket Companies has a 52-week low of $12.17 and a 52-week high of $24.36. The stock has a market cap of $44.89 billion, a price-to-earnings ratio of 317.34 and a beta of 2.16. The business has a 50-day moving average price of $14.19 and a 200-day moving average price of $16.63.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the firm earned $0.04 earnings per share. Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. Equities analysts predict that Rocket Companies will post 0.63 EPS for the current year.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in 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 purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. increased its position in shares of Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after buying an additional 13,985,025 shares in the last quarter. Nuveen LLC increased its position in shares of Rocket Companies by 5.5% in the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after buying an additional 1,706,659 shares in the last quarter. Morgan Stanley raised its stake in shares of Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after buying an additional 22,196,782 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after buying an additional 25,966,725 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.