Rocket Companies, Inc. (NYSE:RKT) Receives Average Recommendation of “Reduce” from Brokerages

Rocket Companies, Inc. (NYSE:RKT) has earned a consensus rating of “Reduce” from the twelve analysts that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $14.46.

A number of research analysts recently issued reports on RKT shares. Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. The Goldman Sachs Group lifted their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a research note on Tuesday, April 1st. Keefe, Bruyette & Woods upped their price target on shares of Rocket Companies from $13.00 to $14.00 and gave the stock a “market perform” rating in a report on Thursday, July 10th. Finally, Wedbush reiterated a “neutral” rating and issued a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a report on Friday, May 9th.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. raised its holdings in Rocket Companies by 312.2% in the first quarter. Mather Group LLC. now owns 2,601 shares of the company’s stock valued at $31,000 after acquiring an additional 1,970 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after purchasing an additional 2,221 shares during the period. Brooklyn Investment Group raised its stake in Rocket Companies by 251.3% in the 1st quarter. Brooklyn Investment Group now owns 3,390 shares of the company’s stock valued at $41,000 after acquiring an additional 2,425 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Rocket Companies in the fourth quarter worth about $47,000. Finally, GAMMA Investing LLC raised its position in shares of Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company’s stock worth $47,000 after acquiring an additional 1,764 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $13.79 on Friday. Rocket Companies has a 12 month low of $10.06 and a 12 month high of $21.38. The business has a fifty day simple moving average of $13.39 and a 200-day simple moving average of $12.98. The company has a quick ratio of 12.62, a current ratio of 12.62 and a debt-to-equity ratio of 1.37. The stock has a market cap of $27.58 billion, a PE ratio of -459.60 and a beta of 2.28.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. Rocket Companies’s revenue was down 10.8% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. On average, sell-side analysts anticipate that Rocket Companies will post 0.15 EPS for the current fiscal year.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services 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; and Rocket Loans, an online-based personal loans business.