Rocket Companies (NYSE:RKT) Posts Earnings Results

Rocket Companies (NYSE:RKTGet Rating) announced its earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05), Briefing.com reports. Rocket Companies had a return on equity of 19.55% and a net margin of 1.85%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the company earned $0.44 EPS. The business’s revenue for the quarter was down 47.8% on a year-over-year basis.

Rocket Companies Trading Down 3.3 %

NYSE RKT traded down $0.34 during mid-day trading on Friday, reaching $9.95. 6,859,518 shares of the stock were exchanged, compared to its average volume of 2,700,267. Rocket Companies has a one year low of $6.27 and a one year high of $19.55. The stock has a 50 day simple moving average of $8.46 and a 200-day simple moving average of $9.95. The stock has a market cap of $19.60 billion, a P/E ratio of 7.77, a P/E/G ratio of 4.18 and a beta of 1.72. The company has a debt-to-equity ratio of 1.40, a current ratio of 13.54 and a quick ratio of 13.54.

Wall Street Analyst Weigh In

RKT has been the topic of several analyst reports. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating and reduced their price target for the stock from $10.00 to $7.00 in a research report on Sunday, May 15th. Barclays reduced their price target on shares of Rocket Companies from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Monday, July 11th. Wedbush reduced their price target on shares of Rocket Companies to $7.00 and set a “na” rating on the stock in a research report on Tuesday, May 17th. Credit Suisse Group reduced their price target on shares of Rocket Companies to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, May 19th. Finally, Argus downgraded shares of Rocket Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, May 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average target price of $10.38.

Insider Buying and Selling

In other news, CEO Jay Farner bought 31,100 shares of the stock in a transaction that occurred on Friday, June 17th. The stock was acquired at an average price of $6.46 per share, with a total value of $200,906.00. Following the completion of the purchase, the chief executive officer now directly owns 2,740,107 shares of the company’s stock, valued at $17,701,091.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders bought 819,800 shares of company stock valued at $6,843,633 over the last quarter. Insiders own 94.01% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

A number of large investors have recently bought and sold shares of the stock. Invesco Ltd. grew its holdings in Rocket Companies by 4.8% in the first quarter. Invesco Ltd. now owns 10,789,221 shares of the company’s stock worth $119,975,000 after purchasing an additional 490,407 shares during the period. Vanguard Group Inc. grew its holdings in shares of Rocket Companies by 29.0% during the first quarter. Vanguard Group Inc. now owns 10,028,437 shares of the company’s stock valued at $111,517,000 after buying an additional 2,252,066 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Rocket Companies by 2.7% during the first quarter. BlackRock Inc. now owns 6,684,239 shares of the company’s stock valued at $74,328,000 after buying an additional 178,545 shares during the last quarter. State Street Corp grew its holdings in shares of Rocket Companies by 11.3% during the first quarter. State Street Corp now owns 5,395,785 shares of the company’s stock valued at $60,001,000 after buying an additional 548,077 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Rocket Companies by 378.7% during the first quarter. Renaissance Technologies LLC now owns 2,357,100 shares of the company’s stock valued at $26,211,000 after buying an additional 1,864,700 shares during the last quarter. 3.71% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Companies

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Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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Earnings History for Rocket Companies (NYSE:RKT)

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