Rocket Companies (NYSE:RKT) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Rocket Companies (NYSE:RKT) from a strong sell rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price target on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Stephens started coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price on the stock. Compass Point started coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price on the stock. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a report on Monday. Finally, Citizens Jmp started coverage on Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Stock Down 6.6%

Shares of NYSE:RKT opened at $13.82 on Tuesday. The business’s 50 day simple moving average is $14.95 and its two-hundred day simple moving average is $17.63. The firm has a market cap of $38.98 billion, a P/E ratio of 276.48 and a beta of 2.23. The company has a debt-to-equity ratio of 1.13, a quick ratio of 70.90 and a current ratio of 4.37. Rocket Companies has a 52-week low of $12.03 and a 52-week high of $24.36.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company’s quarterly revenue was up 167.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 earnings per share. As a group, research analysts forecast that Rocket Companies will post 0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. ORG Partners LLC lifted its holdings in shares of Rocket Companies by 22.3% in the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after purchasing an additional 520 shares in the last quarter. Manchester Capital Management LLC increased its position in shares of Rocket Companies by 0.5% during the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after acquiring an additional 618 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Rocket Companies by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after acquiring an additional 636 shares during the last quarter. Composition Wealth LLC increased its position in shares of Rocket Companies by 2.7% during the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after acquiring an additional 668 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Rocket Companies by 26.1% in the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after buying an additional 677 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Trending Headlines about Rocket Companies

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Rocket’s Q1 call highlighted “AI-fueled momentum,” reinforcing the company’s push to use technology to improve growth, efficiency, and the customer experience. Rocket Companies Q1 Call Showcases AI-Fueled Momentum
• Positive Sentiment: In the company’s Q1 update, Rocket reported adjusted EPS of 15 cents versus 12 cents expected and revenue of $2.94 billion versus $2.78 billion expected, signaling stronger-than-expected operating performance. Is Rocket (RKT) the Best Affordable Stock to Buy According to Wall Street Analysts?
• Positive Sentiment: Redfin data showed U.S. home prices rose at the fastest pace in more than a year, which could support mortgage origination activity and Rocket’s housing-related businesses. Redfin Reports Home Prices Posted the Biggest Increase in Over a Year in April
• Positive Sentiment: Rocket Mortgage’s VA-loan awareness campaign highlights a large pool of eligible borrowers who may not be using a no-down-payment product, suggesting a potential growth opportunity. Only Half of Service Members Are Aware VA Loans Require No Down Payment
• Neutral Sentiment: Management also announced CEO Varun Krishna will speak at JPMorgan’s technology, media, and communications conference next week, a visibility event that could provide more detail on strategy but is not an immediate earnings catalyst. Rocket Companies CEO Varun Krishna to Present at JP Morgan Global Technology, Media, and Communications Conference
• Neutral Sentiment: Rocket disclosed a brief quarterly filing delay via Form 12b-25, which usually indicates an administrative issue rather than a major fundamental problem. Rocket Companies Explains Brief Quarterly Filing Delay
• Negative Sentiment: Keefe, Bruyette & Woods lowered its price target on RKT to $21 from $22, which may weigh on sentiment even though the firm kept an outperform rating. Rocket Companies (NYSE:RKT) Price Target Lowered to $21.00 at Keefe, Bruyette & Woods
• Negative Sentiment: Additional coverage from analysts and sector-watch lists suggests the stock is still being evaluated alongside other fintech names, but not all of that attention is clearly bullish. Fintech Stocks To Keep An Eye On – May 11th

About Rocket Companies

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.