Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Rocket Companies, Inc. (NYSE:RKT) has been assigned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $19.8667.

Several research firms have weighed in on RKT. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Benchmark reduced their price target on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $16.00 target price (up from $15.00) on shares of Rocket Companies in a research note on Wednesday, August 12th. Finally, Wells Fargo & Company reduced their target price on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th.

Institutional Trading of Rocket Companies

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in Rocket Companies by 64.5% in the second quarter. Wellington Management Group LLP now owns 9,029,295 shares of the company’s stock valued at $142,211,000 after purchasing an additional 3,541,916 shares during the period. Great Lakes Advisors LLC acquired a new stake in Rocket Companies in the 2nd quarter valued at about $201,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Rocket Companies in the 2nd quarter valued at about $67,795,000. Handelsbanken Fonder AB boosted its stake in shares of Rocket Companies by 1.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 203,094 shares of the company’s stock valued at $3,199,000 after buying an additional 2,615 shares during the period. Finally, Fulton Bank N.A. purchased a new position in shares of Rocket Companies in the 2nd quarter valued at about $200,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Up 4.6%

NYSE:RKT opened at $14.64 on Friday. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. The stock’s fifty day moving average is $14.20 and its two-hundred day moving average is $15.03. Rocket Companies has a 52 week low of $12.17 and a 52 week high of $24.36. The stock has a market capitalization of $41.45 billion, a price-to-earnings ratio of 104.55 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The company’s revenue was up 91.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 earnings per share. Research analysts anticipate that Rocket Companies will post 0.53 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.