Analysts Set Rocket Companies, Inc. (NYSE:RKT) PT at $19.32

Rocket Companies, Inc. (NYSE:RKT) has earned an average recommendation of “Hold” from the sixteen brokerages that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $19.3214.

RKT has been the topic of a number of recent research reports. Oppenheimer started coverage on Rocket Companies in a research report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Rocket Companies in a report on Monday, October 13th. UBS Group set a $17.00 price objective on shares of Rocket Companies and gave the stock a “neutral” rating in a research note on Friday, October 10th. Keefe, Bruyette & Woods raised their target price on shares of Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Finally, Jefferies Financial Group began coverage on shares of Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $19.44, for a total value of $48,600.00. Following the sale, the director owned 1,066,036 shares in the company, valued at $20,723,739.84. This represents a 0.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 32,500 shares of company stock valued at $611,850. Insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. increased its holdings in shares of Rocket Companies by 17.5% during the 1st quarter. Raymond James Financial Inc. now owns 361,975 shares of the company’s stock valued at $4,369,000 after purchasing an additional 53,887 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Rocket Companies by 39.3% in the first quarter. Canada Pension Plan Investment Board now owns 156,054 shares of the company’s stock valued at $1,884,000 after buying an additional 44,064 shares in the last quarter. Vident Advisory LLC increased its holdings in Rocket Companies by 16.2% in the first quarter. Vident Advisory LLC now owns 35,794 shares of the company’s stock valued at $432,000 after buying an additional 4,996 shares in the last quarter. Quarry LP acquired a new position in shares of Rocket Companies in the first quarter worth about $90,000. Finally, Royal Bank of Canada raised its position in shares of Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after acquiring an additional 22,861 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Up 2.8%

Shares of Rocket Companies stock opened at $19.90 on Friday. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. The firm’s 50 day simple moving average is $18.30 and its two-hundred day simple moving average is $17.52. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $22.56. The firm has a market capitalization of $41.88 billion, a price-to-earnings ratio of 248.79 and a beta of 2.29.

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

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.