Rocket Companies (NYSE:RKT) Coverage Initiated by Analysts at Compass Point

Research analysts at Compass Point assumed coverage on shares of Rocket Companies (NYSE:RKT) in a note issued to investors on Tuesday. The brokerage set a “buy” rating and a $21.00 price target on the stock. Compass Point’s target price suggests a potential upside of 34.74% from the stock’s current price.

A number of other equities research analysts have also recently commented on RKT. JPMorgan Chase & Co. assumed coverage on Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Oppenheimer began coverage on shares of Rocket Companies in a research note on Thursday, November 13th. They set an “outperform” 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 research note on Tuesday, January 6th. Jefferies Financial Group started coverage on shares of Rocket Companies in a research note on Friday, December 19th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.67.

Rocket Companies Trading Up 4.2%

NYSE RKT opened at $15.59 on Tuesday. The firm has a market capitalization of $32.80 billion, a PE ratio of -119.88 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. The company has a 50-day simple moving average of $19.61 and a 200-day simple moving average of $18.83. 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 results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. Rocket Companies’s revenue was up 52.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 earnings per share. On average, equities analysts forecast that Rocket Companies will post 0.15 earnings per share for the current year.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s 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 transaction, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. This trade represents a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 27,500 shares of company stock valued at $549,175 over the last 90 days. 92.64% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. lifted its position in Rocket Companies by 55.1% in the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after acquiring an additional 13,985,025 shares in the last quarter. Nuveen LLC grew its stake in shares of Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after acquiring an additional 1,706,659 shares during the last quarter. Morgan Stanley raised its stake in Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after acquiring 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.