Rocket Companies (NYSE:RKT) Trading 9% Higher – Time to Buy?

Rocket Companies, Inc. (NYSE:RKT) shares were up 9% on Wednesday . The company traded as high as $14.72 and last traded at $14.6870. Approximately 4,234,032 shares were traded during trading, a decline of 85% from the average session volume of 28,231,365 shares. The stock had previously closed at $13.47.

Wall Street Analyst Weigh In

Several research firms have commented on RKT. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Stephens assumed coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Eight research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and an average target price of $20.93.

Rocket Companies Trading Up 13.5%

The company has a market cap of $43.25 billion, a P/E ratio of 305.56 and a beta of 2.19. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The firm’s 50-day moving average price is $14.28 and its 200-day moving average price is $16.79.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during 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 business’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. As a group, equities research analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in the stock. Truvestments Capital LLC purchased a new stake in Rocket Companies during the fourth quarter valued at about $26,000. Acumen Wealth Advisors LLC purchased a new position in shares of Rocket Companies in the 4th quarter worth about $26,000. Pinnacle Bancorp Inc. increased its position in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank bought a new position in shares of Rocket Companies during the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $32,000. Institutional investors own 4.59% of the company’s stock.

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.