Rocket Companies (NYSE:RKT) Stock Rating Upgraded by Jefferies Financial Group

Rocket Companies (NYSE:RKT) was upgraded by stock analysts at Jefferies Financial Group to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other research firms have also weighed in on RKT. Bank of America upgraded shares of Rocket Companies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $21.00 to $24.00 in a research note on Wednesday, September 10th. Wall Street Zen cut Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a report on Monday. Royal Bank Of Canada lifted their target price on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $22.00 price target (up from $16.00) on shares of Rocket Companies in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.32.

Rocket Companies Price Performance

NYSE RKT opened at $19.08 on Friday. The company has a market cap of $40.15 billion, a PE ratio of 238.53 and a beta of 2.26. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $22.56. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The firm’s 50-day simple moving average is $17.81 and its two-hundred day simple moving average is $17.02.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the company earned $0.08 earnings per share. The company’s revenue was up 148.1% on a year-over-year basis. Research analysts predict that Rocket Companies will post 0.15 earnings per share for the current year.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $18.21, for a total transaction of $45,525.00. Following the completion of the sale, the director owned 1,078,536 shares in the company, valued at approximately $19,640,140.56. This trade represents a 0.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 20,000 shares of company stock valued at $371,175. Company insiders own 92.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RKT. Cloud Capital Management LLC bought a new stake in Rocket Companies during the third quarter valued at approximately $25,000. North Capital Inc. lifted its holdings in shares of Rocket Companies by 287.2% during the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock worth $26,000 after acquiring an additional 1,350 shares during the last quarter. SouthState Corp grew its position in Rocket Companies by 2,044.8% in the second quarter. SouthState Corp now owns 2,059 shares of the company’s stock worth $29,000 after acquiring an additional 1,963 shares in the last quarter. Miller Wealth Advisors LLC increased its stake in Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after acquiring an additional 650 shares during the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in Rocket Companies during the third quarter valued at about $38,000. 4.59% of the stock is currently owned by 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.