Rocket Companies, Inc. (NYSE:RKT) Receives $20.25 Consensus Target Price from Brokerages

Rocket Companies, Inc. (NYSE:RKT) has earned a consensus recommendation of “Hold” from the eighteen analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $20.25.

A number of brokerages have weighed in on RKT. Wells Fargo & Company dropped their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Citizens Jmp began coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Finally, Compass Point began coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target for the company.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in RKT. Cloud Capital Management LLC purchased a new position in shares of Rocket Companies in the third quarter valued at approximately $25,000. Truvestments Capital LLC purchased a new position in Rocket Companies in the fourth quarter worth approximately $26,000. Acumen Wealth Advisors LLC purchased a new position in Rocket Companies in the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. lifted its stake in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares during the last quarter. Finally, City State Bank purchased a new position in Rocket Companies in the fourth quarter worth approximately $30,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Rocket Companies stock opened at $15.41 on Friday. Rocket Companies has a 12-month low of $11.08 and a 12-month high of $24.36. The stock has a market cap of $43.45 billion, a P/E ratio of -118.54 and a beta of 2.34. The company has a 50-day moving average price of $16.15 and a 200 day moving average price of $17.92. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $0.04 earnings per share. Rocket Companies’s revenue was up 52.2% compared to the same quarter last year. Sell-side analysts anticipate that Rocket Companies will post 0.15 earnings per share 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.