Rocket Companies (NYSE:RKT) Coverage Initiated by Analysts at Citizens Jmp

Equities research analysts at Citizens Jmp started coverage on shares of Rocket Companies (NYSE:RKT) in a report issued on Wednesday, Marketbeat Ratings reports. The firm set a “market perform” rating on the stock.

RKT has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Compass Point started coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 price target on the stock. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Finally, Wells Fargo & Company increased their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.80.

Rocket Companies Trading Down 0.7%

Shares of RKT stock opened at $14.17 on Wednesday. Rocket Companies has a 1 year low of $10.94 and a 1 year high of $24.36. The firm has a fifty day moving average price of $18.15 and a 200-day moving average price of $18.53. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The company has a market cap of $39.94 billion, a price-to-earnings ratio of -108.96 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, February 26th. The company reported $0.11 EPS 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 for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the firm earned $0.04 EPS. Rocket Companies’s revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, equities analysts predict that Rocket Companies will post 0.15 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the transaction, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 12,500 shares of company stock valued at $264,150. 92.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of RKT. Cloud Capital Management LLC purchased a new position in Rocket Companies during the third quarter valued at $25,000. Truvestments Capital LLC bought a new stake in Rocket Companies in the 4th quarter valued at $26,000. Acumen Wealth Advisors LLC purchased a new stake in Rocket Companies in the 4th quarter worth $26,000. Pinnacle Bancorp Inc. boosted its holdings in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. Finally, City State Bank bought a new position in shares of Rocket Companies during the 4th quarter valued at about $30,000. Institutional investors own 4.59% of the company’s stock.

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.